F1 » 10 September 2012
Williams posts encouraging interim results
The Williams team's decision to sign up to a new F1 agreement has augmented solid half-year financial results.
Williams Grand Prix Holdings, the parent company of the Williams F1 team, has announced promising interim results for the six months to June 2012, with progress being reported on all fronts.
WGPH, which also includes Williams Hybrid Power and the Williams Technology Centre in Qatar as well as Williams Grand Prix Engineering Limited as it combines traditional F1 business with diversification using F1-derived intellectual property and know-how, has seen turnover increase by 57 per cent to £73.0m. This has driven an overall Group turnover of £74.3m. The results of the investment businesses, Williams Hybrid Power and Williams Technology Centre, Qatar, are progressing as expected and are in line with the board's long-term business plan.
"We are pleased to report interim results that demonstrate the ongoing stability of the business in a difficult economic climate," CEO Alex Burns commented, "We have made a step forward in F1 this season and expect this upward trend to continue into next season.
"These results also validate our long-term business plan of adapting technology and know-how developed in F1 for commercial application in energy efficiency, safety and education. Our core business is now generating strong revenue figures from projects outside of grand prix racing. For example, our partnership with Jaguar, to develop the ground breaking C-X75 hybrid supercar, is making good progress and other F1 teams are also using our technology, including a new deal with Marussia that will see them use our KERS technology next year.
"Williams Hybrid Power and Williams Technology Centre, Qatar continue to show growth in line with the targets we have set. Williams Hybrid Power has secured some notable successes so far this year, announcing a new partnership with Go-Ahead Group and helping to power a hybrid Audi to victory at Le Mans. Williams Technology Centre, Qatar is receiving ongoing investment into its R&D activities, with the Middle East's most advanced road safety simulator about to be unveiled to the world next month.”
The notable increases in half-year turnover and profit are largely due to the company's diversification strategy as well as the recent receipt of a one-off payment following a new commercial agreement rewarding the F1 team's continued commitment to the sport. Full year results are expected to show the continued stability of the business, with double digit growth expected in turnover and net profit as a result of core business and new business development.
“Williams is at a very exciting stage in its history and these promising results are indicative of this," founder and team principal Sir Frank Williams said, "We have made good progress on track this year, thanks in part to a new technical team, which has seen us pick up our first win in eight years.
"Our diversification strategy is also gaining momentum, positioning us as a leader in the development of cutting edge technology in areas such as sustainability and safety.”
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