Source - RNS
RNS Number : 7359J
Williams Grand Prix Holdings
13 September 2016


Williams Reports 2016 Interim Results

Williams Grand Prix Holdings PLC (WGPH, Ticker: WGF1) today announced the Group's interim results for the six months to 30 June 2016. WGPH is the holding company of the Williams group of companies, which includes Williams Grand Prix Engineering Limited.


Group revenue grew to £80.0m for the period, compared to £63.1m in the same period in 2015. EBITDA improved from a loss of £1.4m in 2015 to a profit of £7.8m in 2016. The Group generated operating free cash flow of £13.0m for the six-month period (2015: £7.0m).


The Formula One business generated revenues of £51.3m (2015: £51.4m), with an EBITDA of £4.1m (2015: £1.6m). Williams Advanced Engineering generated revenues of £20.6m (2015: £10.8m) with an EBITDA profit of £3.5m (2015: £0.1m).


Mike O'Driscoll, Group Chief Executive Officer, said; "These financial results show strong progress across the Williams Group and continue to validate the approaches we have taken to achieve our core long-term objectives of building a championship-contending Formula One team and profitable advanced engineering business.


"Williams Advanced Engineering's strong growth in revenue and EBITDA is particularly encouraging. During 2015 there was a determined focus to develop the customer base, and diversify into new markets such as defence and health. We began this year with more than 40 projects underway, many of which are long term contracts, and the team is now firmly focused on successfully delivering this work, and building the foundation for a strong and profitable future.


"The Formula One business generated an EBITDA profit of £4.1m for the first half of the year, with the increased year-over-year profit due to a non-recurring sponsorship payment. After finishing a strong third in the Constructors' Championship the past two seasons, and out-performing teams with much larger budgets, the team is in fourth place in this year's Championship. The evolving Formula One regulations dictate a significant change in car design for the 2017 season, which we embrace enthusiastically as an opportunity to make a step forward in our track performance.


"There are headwinds that we must face in the second half of 2016 and into 2017, notably the increased costs that are incurred during a period of regulatory change in the sport, and predicted uncertainty in many world economies, and this will impact our near term results."




Key Statistics






Six months to 30 June 2016





Revenue (£m)





EBITDA (£m)2





Operating Free Cash Flow (£m)3










Six months to 30 June 2015





Revenue (£m)





EBITDA (£m)2





Operating Free Cash Flow (£m)3







1.     Williams Heritage, Williams Conference Centre, Group costs, and other projects delivered outside of F1 and Williams Advanced Engineering.

2.     EBITDA represents earnings before interest, taxes, depreciation and amortisation and excludes non-cash share-based payment charges and mark-to-market charges on financial derivatives.

3.     Operating Free Cash Flow represents cash flows from operating activities including capital expenditure and disposals of fixed assets, but excluding other investment activities such as the disposal of companies.



Notes to Editors

Williams Grand Prix Holdings PLC

Williams Grand Prix Holdings PLC is the holding company of the Williams group of companies which includes Williams Grand Prix Engineering Limited.

The Group employs over 700 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.

Williams Grand Prix Engineering Limited 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, defence, health 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.

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