The Williams Group holding company (WGPH) has released its six monthly financial report.
The Formula One business recorded a turnover of £43.5m, closely matching the half year turnover for 2012 of £43.4m. Williams Advanced Engineering, the division of the Group that commercializes Formula One derived intellectual property and know-how, recorded a lower turnover of £11.2m (2012: £20.2m). The decline in turnover for Williams Advanced Engineering is due to a reduction in pass-through contracting work.
Overall Group turnover stands at £57.7m (2012: £64.9m). 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.
Speaking about the results, Founder and Team Principal Sir Frank Williams said, “Whilst the 2013 Formula One season has not brought the sort of results expected of a team with our history and pedigree, these half year financial results show that we are well placed to make progress with our business on all fronts.
“We have made strong personnel changes this year that will aid in returning us to winning ways. Pat Symonds is the new Chief Technical Officer, who brings unrivalled technical and leadership skills in addition to a proven ability to deliver on track results. We have also announced a long term engine partnership with Mercedes. The Williams F1 Team also announced a total of nine new sponsorship acquisitions, renewals and upgrades for 2013, with a strong pipeline of potential sponsors in place for 2014.”
Group Chief Executive Officer Mike O’Driscoll said, “Williams Advanced Engineering’s profitability is up and it has enjoyed a strong start to 2013, recently announcing exciting new projects with Nissan’s Nismo brand to build high performance vehicles and the F.I.A. Formula E Championship where we will supply the battery hybrid systems for all 42 cars next season.”
So Williams F1 may be down, but not out!
