0
Williams Grand Prix Holdings PLC today announced its interim results for the six months to 30 June 2015. WGPH is the holding company of the Williams Group of companies, which includes Williams Grand Prix Engineering Limited.
Overall Group revenue for the period was £63.2m (2014: £44.1m), with EBITDA of (£1.4m) (2014: (£19.6m)). The Group’s operating free cash flow saw a strong increase compared to 2014 of £7.0m (2014: (£18.7m)).
The Formula One division has reported revenues of £51.8m (2014: £34.6m), with an EBITDA of (£2.5m) (2014: (£19.8m)). Williams Advanced Engineering, the division that commercialises Formula One derived technology and know-how, generated revenues of £10.9m (2014: £7.8m) with an EBITDA of £1.0m (2014: £0.8m).
Mike O'Driscoll, Group Chief Executive Officer, said; "Our first half results represent a significant improvement over the same period in 2014, with strong revenue growth and positive cash flow. We made a small EBITDA loss through the first half of the year, which was in line with our expectations."
"Mid-way through 2013 we set out on an ambitious turnaround strategy to reinvigorate the Formula One team, create a strong and profitable Advanced Engineering business, and divest non-core activities. In 2014 we made excellent progress against those objectives, with a third place finish in the Formula One Constructors Championship, and an expansion of our Advanced Engineering division. This progress has been sustained into 2015."
"The improved performance of our Formula One team on the track is now reflected in both higher commercial rights income and increased sponsorship revenue, bolstering our financial results. We will prioritise technological innovation, but simultaneously continue to balance our investment, with strong controls, during a time of rising costs for all Constructors."
"Williams Advanced Engineering has demonstrated continued progress, with revenue and EBITDA increasing, albeit modestly. We anticipate that this trend will continue, while we build up our capabilities in new sectors, primarily aerospace and defence. The announcement of a recent multi-year contract with global defence contractor General Dynamics is evidence of the progress we are making in this division."
"Overall, these interim results are encouraging, and represent very good progress. However, we face continued cost pressures due to the spending levels of our major Formula One competitors, and this challenging environment will undoubtedly continue in the near term. We remain determined to build the necessary foundations for future sporting and commercial success, both on and off the track."
Grand Prix of BelgiumLocal time
Grand Prix of BelgiumLocal time
Bahrain International Circuit - Winter testing
M. Verstappen
C. Sainz jr
C. Leclerc
Bahrain
Bahrain
Bahrain International Circuit
Bahrain
Bahrain International Circuit
Saudi Arabia
Jeddah Street Circuit
Australia
Albert Park
Japan
Circuit Suzuka
United States of America
Miami International Autodrome
Monaco
Monte Carlo
Canada
Gilles Villeneuve
Spain
Circuit de Catalunya
Austria
Red Bull Ring
United Kingdom
Silverstone
Hungary
Hungaroring
Belgium
Spa-Francorchamps
Netherlands
Circuit Zandvoort
Italy
Monza
Azerbaijan
Baku City Circuit
Singapore
Marina Bay Street Circuit
United States of America
Circuit of the Americas
Mexico
Autodromo Hermanos Rodriguez
Brazil
Interlagos
United States of America
Las Vegas Street Circuit
United Arab Emirates
Yas Marina Circuit
155,885 comments on Williams
38 members have this team as their favourite
Tweets about Williams
Replies (0)
Login to reply