DGAP-News: Williams Grand Prix Holdings PLC : WGPH Announces Half Year Results
(firmenpresse) - DGAP-News: Williams Grand Prix Holdings PLC / Key word(s): Half Year
Results
Williams Grand Prix Holdings PLC : WGPH Announces Half Year Results
10.09.2012 / 08:34
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WILLIAMS' INTERIM 2012 RESULTS SHOW PROMISING GROWTH AND FULL YEAR RESULTS
ARE EXPECTED TO DEMONSTRATE CONTINUED FINANCIAL STABILITY
10 September, 2012. Grove, UK. Williams Grand Prix Holdings PLC (WGPH,
Ticker: WGF1) today announced its interim results for the six months to 30
June 2012. WGPH is the holding company of the Williams group of companies,
which includes Williams Grand Prix Engineering Limited and Williams Hybrid
Power Limited.
The core business, which combines the traditional Formula One business and
diversification using our Formula One derived intellectual property and
know-how, has seen turnover increase by 57% to£73.0m (2011:£46.4m). This
has driven an overall Group turnover of£74.3m (2011:£47.3m). The results
of the investment businesses, Williams Hybrid Power and Williams Technology
Centre, Qatar, are progressing as expected and are in line with the board's
long-term business plan.
Our key figures are:
Overall Group results
- Turnover increased to£74.3m (2011:£47.3m)
- Net profit increased to£6.6m (2011:£1.9m)
- EPS up to 68.55p (2011: 19.31p)
Core business results:
- Turnover increased to£73.0m (2011:£46.4m)
- Net profit increased to£8.5m (2011:£2.9m)
The notable increases in half year turnover and profit are largely due to
our diversification strategy as well as the recent receipt of a one off
payment following a new commercial agreement for our continued commitment
to Formula One. Full year results are expected to show the continued
stability of the business, with double digit growth expected in turnover
and net profit as a result of our core business and new business
development.
Founder and Team Principal Sir Frank Williams said: '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 said: '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.'
Half Year Results
Core WTCQ WHP Group-Ends-
2012
Turnover (£m) 73.0 - 1.3 74.3
EBIT (£m) 8.5 (0.9) (1.3) 6.3
Net Profit 8.5 (0.9) (1.0) 6.6
EPS 68.55p
2011
Turnover (£m) 46.4 - 0.9 47.3
EBIT (£m) 2.9 (0.4) (0.7) 1.7
Net Profit 2.9 (0.4) (0.5) 1.9
EPS 19.31p
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 and Williams Hybrid Power Limited. The Group has established the
Williams Technology Centre in Qatar which is a branch of Williams Grand
Prix Engineering Limited.
The Group employs approximately 600 personnel throughout its business. Its
revenues are derived from its Formula One business (including commercial
sponsorships and the team's share of the Formula One commercial rights
income) and from the commercial application of its technology and know-how.
The Group's aim is to be a championship-winning Formula One team and a
world-class technology business, generating steady returns for shareholders
through the economic cycle.
Williams Grand Prix Engineering Limited
Formed in 1977 by Frank Williams and Patrick Head, Williams Grand Prix
Engineering Limited's core competencies are the design and manufacture of
Formula One race cars and the deployment of this expertise in running the
team's entries in each season's Grands Prix.
One of the world's leading Formula One teams, the company has secured 16
FIA Formula One World Championship titles in the past thirty four years.
Nine of these titles have been won in the Constructors' Championship in
association with Cosworth, Honda and Renault. The remaining seven titles
are Drivers' Championships, won with Alan Jones, Keke Rosberg, Nelson
Piquet, Nigel Mansell, Alain Prost, Damon Hill and Jacques Villeneuve.
The Williams F1 Team is one of the most vertically-integrated of Formula
One teams with first-class design and manufacturing facilities on its 33
hectare site in Oxfordshire, England.
Williams Grand Prix Engineering Limited aims to develop substantial
revenues from exploiting its brand, intellectual property and rapid
development skills in projects outside Formula One.
Williams Hybrid Power Limited
Williams Hybrid Power Limited is a company specialising in
magnetically-loaded composite flywheels which are used as energy storage
devices in small and medium sized applications such as automobiles, buses,
trams and light rail.
Williams Technology Centre, Qatar
The Williams Technology Centre in Qatar is developing large magnetically
loaded composite flywheels for use in trains or static applications such as
grid stabilisation, and commercial applications of the Group's motorsport
simulation technology.
End of Corporate News
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