Connect with us

2014 F1

Williams Publishes Interim Results for 2014

Published

on

W_GRAND-PRIX-HOLDINGS-PLC_V_289-herowide
Williams Grand Prix Holdings PLC (WGPH, Ticker: WGF1) today announced its interim results for the six months to 30 June 2014. WGPH is the holding company of the Williams Group of companies, which includes Williams Grand Prix Engineering Limited.

Overall Group income for the period was £46.6m (2013: £56.4m), with EBIT of £(17.1)m (2013: £(2.7)m). The year over year reduction in revenue and earnings is accounted for by the recognition in 2013 of a special non-recurring sponsorship payment for 2014 within last year’s accounts.

Group Chief Executive Officer Mike O’Driscoll said, “At the beginning of the second half of last year we began an ambitious strategy to rebuild the Formula One organisation, develop a strong Advanced Engineering division, and divest non-core operations. We have already made substantial progress towards our objectives.

“This strategy has required significant investment, as illustrated by our first half results, and it is anticipated that this will also impact the full year results.

“After a number of disappointing seasons, our Formula One team has been significantly strengthened across all key functions. Our long-term power unit supply agreement with Mercedes provides strength and stability. As a consequence we have made a significant step-change in our on-track performance. We have also made great progress commercially, underscored by our title partnership agreement with Martini.

“Williams Advanced Engineering is also evolving, as it completes its move into a new £8m facility that opened in the second quarter of 2014. This new base of operations will provide the business with the opportunity to increase its project portfolio and we are seeing a strong pull from the market for the company’s unique offering of energy efficient performance technologies.

“These financial results are in line with the Board’s expectation of what is required to rebuild and reinvigorate the team and we believe that they reflect the transitionary period that we must continue to work through if we are to realise the potential of the Group.”

Sir Frank Williams, Founder and Team Principal, added, “Our on track performance through the first half of this season is evidence that we have started to build a solid foundation for the future. Our long-term financial prosperity will of course always be a reflection, both directly and indirectly, of our Formula One performance. The impressive upturn in our performance this season is validating our approach.”

-Ends-

Notes to Editors

Williams Grand Prix Holdings PLC

Williams Grand Prix Holdings PLC is the holding company of the Williams group of companies (“Group”) which includes Williams Grand Prix Engineering Limited.

The Group employs over 600 people, and generates its revenues from its long standing Formula One business and its more recently developed Advanced Engineering operation.

The Group’s aim is to be a championship-winning Formula One team and a world-class engineering and technology business generating consistent and satisfactory returns for its shareholders.

Williams Grand Prix Engineering Limited

Williams Grand Prix Engineering Limited’s core competencies are the design and development of racing cars to compete in the Formula One World Championship. As one of the world’s leading Formula One teams, the company has secured 16 FIA Formula One World Championship titles since its foundation in 1977. Nine of these titles have been won in the Constructors’ Championship in association with Cosworth, Honda and Renault. The remaining seven titles were won in the Drivers’ Championship with Alan Jones, Keke Rosberg, Nelson Piquet, Nigel Mansell, Alain Prost, Damon Hill and Jacques Villeneuve.

WGPE continues to develop by adapting its intellectual property and rapid development skills in projects outside Formula One under the trading name Williams Advanced Engineering.

Williams Advanced Engineering

Williams Advanced Engineering is the brand that is used for all Group activity outside of the Formula One team, with projects focused on the exploitation of Williams’ brand, intellectual property and know how.

Williams Advanced Engineering harnesses Formula One derived technology, development pace and knowledge to deliver highly innovative products and services to the motorsport, automotive, transport, aerospace and energy sectors. Working in close collaboration with its customers, Williams Advanced Engineering helps them meet the sustainability challenges of the 21st century and improve their performance, market position and brand image.

Loading...

Comments

Latest Results




Latest F1 News

2018 F14 hours ago

Raikkonen could return to Sauber F1 for 2019

179SharesThe signs are growing ever stronger that Ferrari will have a new driver in 2019. Kimi Raikkonen admits that it...

2018 F14 hours ago

Red Bull encourages Honda power to prepare for 2019 F1

1ShareRed Bull is encouraging Toro Rosso and Honda to help the senior energy drink-owned team prepare for 2019. Honda already...

2018 F115 hours ago

Hamilton and Vettel Battling For The F1 Title

201SharesThe British Grand Prix at Silverstone is one that Lewis Hamilton and Mercedes have dominated for years and that trend...

2018 F14 days ago

Can Red Bull Challenge Mercedes And Ferrari?

24SharesSo, things didn’t exactly go to plan for Lewis Hamilton and Mercedes at Silverstone as the Brit made a disastrous...

2018 F14 days ago

Liberty working on securing future of British GP – Brawn

5SharesRoss Brawn says Liberty Media is working on securing the future of the British grand prix. Silverstone owner the BRDC...

2018 F14 days ago

Grosjean form ‘unacceptable’ – Haas F1

1ShareGunther Steiner says a “critical moment” could come amid his patience with struggling Haas driver Romain Grosjean. Frenchman Grosjean has...

2018 F14 days ago

No ‘negotiations’ with Raikkonen yet – McLaren

36Shares Zak Brown says McLaren has not yet opened contract talks with former team driver Kimi Raikkonen. It is rumoured in...

2018 F14 days ago

Wolff wants Hamilton beyond 2020

659SharesToto Wolff has revealed he wants to keep Lewis Hamilton at Mercedes even beyond 2020. Although not yet announced, it...

2018 F15 days ago

Renault engine power deficit a bigger problem – Verstappen

5SharesMax Verstappen says Red Bull’s title chances have taken a dive. Although the Dutchman won in Austria, he says at...

2018 F16 days ago

Ricciardo admits 2019 Red Bull contract ‘likely’

1ShareDaniel Ricciardo now says it is “likely” he will stay at Red Bull in 2019. Earlier, the Red Bull driver...




Most Popular

ThisisF1.com is not affiliated with Formula 1, Formula One Management, Formula One Administration, Formula One Licensing BV, Formula One World Championship Ltd or any other organization or entity associated with the official Formula One governing organizations or their shareholders. Copyrighted material used under Fair Use/Fair Comment.

References
We could use the following leading F1 news sources for stories: SkyF1, BBC F1, Autosport, ESPN F1, FIA Media Center, MotorSport, JamesAllen and others leading authors blog.

All Rights Reserved © 2017 Prime Sport Media