Williams Grand Prix Holdings (WGF1) has announced its half-year interim results, with an increase turnover by 57% to £73 million from £46.4m in 2011.
Profits are also up on the back of increased turnover. The core business made a net profit of £8.5m compared to just £2.9m in the last six months of 2011.
This is great news for the team with higher turnover coming from a “diversification strategy” into new areas such as an expansion of its KERS customer base.
It also includes a one-off ‘sweetener payment’ from Bernie Ecclestone “following a new commercial agreement for our continued commitment to Formula One,” read a statement.
Founder and Team Principal Sir Frank Williams said of the results: “Williams is at a very exciting stage in its history and these promising results are indicative of this. 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.”
Chief Executive Officer Alex Burns added: “We are pleased to report interim results that demonstrate the ongoing stability of the business in a difficult economic climate. We have made a step forward in Formula One 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 Formula One 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 Formula One 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.”
Discussion about this post