Sep 09

Williams publishes interim results for 2013

Overall Group turnover stands at £57.7m

Williams Grand Prix Holdings logoWilliams Grand Prix Holdings PLC (WGPH, Ticker: WGF1) today announced its interim results for the six months to 30 June 2013.

WGPH is the holding company of the Williams Group of companies, which includes Williams Grand Prix Engineering Limited and Williams Hybrid Power Limited.

The Formula One business recorded a turnover of £43.5m, closely matching the half year turnover for 2012 of £43.4m. Williams Advanced Engineering, the division of the Group that commercialises Formula One derived intellectual property and know-how, recorded a turnover of £11.2m (2012: £20.2m), with an increase in EBIT to £4.5m (2012: £3.7m). The decline in turnover for Williams Advanced Engineering is due to a reduction in pass-through contracting work. This represents £2m of revenue in 2013 (2012: £12.6m).

Overall Group turnover stands at £57.7m (2012: £64.9m). 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.

Key figures are:

Overall Group results:

• Turnover of £57.7m (2012: £64.9m)

• EBIT of £(2.7)m (2012: £(3.1)m)

Formula One business results:

• Turnover of £43.5m (2012: £43.4m)

• EBIT of £(5.6)m (2012: £(4.6)m)

Williams Advanced Engineering results:

• Turnover of £11.2m (2012: £20.2m)

• EBIT of £4.5m (2012: £3.7m)

Investment business results:

• Williams Hybrid Power (WHP) turnover up from £1.3m (2012) to £2.5m. EBIT stands at £(1.1)m (2012: £(1.3)m)

• The Williams Technology Centre, Qatar (WTCQ) reported EBIT of £(0.5)m (2012: £(0.9)m)

Full year results are expected to reflect Group turnover between £105m to £113m (2012: £127m) with Group EBIT between £(3.8)m to £(0.7)m (2012: £(5.1)m).

Speaking about the results, Founder and Team Principal Sir Frank Williams said: “Whilst the 2013 Formula One season has not brought the sort of results expected of a team with our history and pedigree, these half year financial results show that we are well placed to make progress with our business on all fronts.

“We have made strong personnel changes this year that will aid in returning us to winning ways. Of particular note is the arrival of Pat Symonds as Chief Technical Officer, who brings unrivalled technical and leadership skills in addition to a proven ability to deliver on track results. We have also announced a long term engine partnership with Mercedes that puts us in a strong position to successfully negotiate next year’s regulation changes. The Williams F1 Team also announced a total of nine new sponsorship acquisitions, renewals and upgrades for 2013, with a strong pipeline of potential sponsors in place for 2014.”

Group Chief Executive Officer Mike O’Driscoll said: “During 2013 we commenced our long term strategy to deliver sustainable on and off track success. The results we announce today are a consequence of the proactive decisions we have taken for the benefit of the business. We have not enjoyed the on track success we had hoped for during the first part of the season, but the business remains efficient, cash positive and the decisions we have taken position us well to secure future success.

“Williams Advanced Engineering’s profitability is up and it has enjoyed a strong start to 2013, recently announcing exciting new projects with Nissan’s Nismo brand to build high performance vehicles and the F.I.A. Formula E Championship where we will supply the battery hybrid systems for all 42 cars next season. The reaction to the first public demonstration of the Jaguar C-X75, built at the Williams factory, has also been extremely positive and is enhancing our growing reputation as a leading advanced engineering consultancy business. We continue to invest in the future of Williams Advanced Engineering, with a state of the art facility due for completion at our Grove site by early next year.

“Our investment businesses continue to grow and meet the targets we have set for them. Highlights include Williams Hybrid Power’s energy storage technology helping to power Audi to victory at the Le Mans 24 Hours for a second consecutive year, and the Williams Technology Centre recently announcing a new collaboration with Qatar Petroleum to utilise our simulation technology in the study of tyre behaviour.”

source: williamsf1.com/