Williams Grand Prix Holdings announces 2015 interim results

On Friday (September 4th), Williams Grand Prix Holdings PLC announced its interim results for the six months to June 30th. The firm is the holding company of the Williams Group of companies, which includes Williams Grand Prix Engineering Limited.

Commenting on the results, group chief executive officer Mike O'Driscoll noted that the first half results indicated a "significant improvement" compared to the same period in 2014 – including strong revenue growth and positive cash flow. 

Overall, revenue for the group was £63.2 million during the period – compared to 44.1 million last year. The operating free cash flow for the group also saw a strong increase, going up £7 million from last year's $18.7 million.

The Formula One division reported revenues of £51.8 million compared to £34.6 million last year, while Williams Advanced Engineering, which commercialises technology derived from Formula One innovations, saw revenue of £10.9 million.

Turnaround strategy

Mr O'Driscoll explained that in 2013, the company set out an "ambitious turnaround strategy". This included reinvigorating the Formula One Team, creating a strong and profitable Advanced Engineering business and divesting in 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," he added.

The company is now seeing higher commercial rights, income and increased sponsorship revenue due to the improved performance of the Formula One team – and this has helped to bolster financial results. Mr O'Driscoll says that the company will continue to prioritise technological innovation, while also balancing investment with strong controls.

He believes that the interim results are "encouraging and represent very good progress". However, he notes that the company will continue to face challenges like cost pressures due to spending levels of Formula One competitors.

"We remain determined to build the necessary foundations for future sporting and commercial success, both on and off the track," he said.