Williams have announced their 2010 financial results following their flotation of the Frankfurt stock market.
The outfit made a healthy pre-tax profit of £7.7 million, up 33% from £4.5m in 2009. The company invested £1.9m of that into their Hybrid Power business in Qatar.
Turnover however fell from £108.3m in 2009 to £91m in 2010, as a result of the economic conditions. A reduction in costs however meant they reduced their debt from £9.3m to just £2.4m.
Team principal and co-founder, Sir Frank Williams, believes the results give Williams a good foundation on which to further grow.
“Commercially, 2010 has given Williams a solid foundation from which to grow. Amidst one of the harshest sponsorship environments for a long time, we signed Petroleos de Venezuela S.A. (PDVSA) and upgraded and extended existing partners, Randstad and Oris.
“This year has seen us build on that with our joint venture with Jaguar Land Rover and we are looking forward to further developments with our new businesses, WHP and WTCQ.”
Chairman Adam Parr added: “We are pleased to report a solid set of results for our shareholders. We enter 2011 in a stronger financial position with a strategy to take the business forward again over the coming years. Our March IPO and listing on the Frankfurt Stock Exchange demonstrates investor confidence in Williams, and secures the team’s long-term future by providing a sustainable ownership structure.
“A core element of the strategy set out to investors in March was a partnership with a leading car manufacturer. Our new association with Jaguar Land Rover, announced this month, demonstrates the strategy is on track.”
