Williams Grand Prix Holdings PLC today announced the Group's financial results for the year ended 31 December 2013. WGPH is the holding company of the Williams group of companies, which includes Williams Grand Prix Engineering Limited.
The Group's overall income has increased to £132.4m (2012: £105.8m), with an EBIT of £12.0m (2012: (£5.1m)). The increase in income and earnings was due primarily to a special non-recurring sponsorship payment, which drove an increase in Formula One income to £108.5m (2012: £86.4m), and a corresponding improvement in EBIT. Williams Advanced Engineering, the division of the Group that commercialises Formula One derived technology, generated income and earnings broadly in line with the previous year, with income of £15.6m (2012: £15.5m) and EBIT of £6.0m (2012: £7.6m). Except for funding put in place to support a new Williams Advanced Engineering facility, gross borrowings decreased to £3.0m (2012: £4.6m).
Speaking about the results Sir Frank Williams, Founder and Team Principal of Williams, said; "Although 2013 was a difficult season for the team on the race track, we report these full year results at a time of much optimism for the Williams Group. We have started the 2014 Formula One season well and hope we can continue to improve our performance. We made good progress commercially through the winter months and Williams continues to attract an enthusiastic and very loyal group of partners and fans. These annual results demonstrate that we continue to manage our business in a fiscally responsible way and provide the foundation from which we can continue to grow."
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