Williams Grand Prix Holdings PLC has announced its interim results for the six months to 30 June 2011. Williams is the holding company of the Williams group of companies, which includes Williams Grand Prix Engineering Limited and Williams Hybrid Power Limited.
In brief, turnover is up 5% to £47.3 million, its core profit before tax is up to £2.9 million due to increased revenue and reduced financing costs and its reported profit before tax up 37% to £1.7m, after an investment of £1.1 million in Williams Hybrid Power and Williams Technology Centre Qatar.
Its earnings per share are up 49% to 19.31p, net cash significantly increased to £11.6 million and interest expense down 69% to £83k, due to late-2010 debt reduction, supported by strong cash flows.
Full year results are expected to show revenue growth of around 12% to 20% over 2010 as a result of new business development and activity in Williams Hybrid Power. Overall profit before tax is expected to be in line with 2010 despite investment in Williams Hybrid Power and Williams Technology Centre, Qatar.
"The first half of 2011 shows momentum in our diversified growth," said Frank Williams, "building on the foundations we laid in 2010. We have upgraded and extended existing partners Randstad and Oris, and added Interbrand as a new partner. Our new partnership with Jaguar Land Rover was followed by an exciting alliance announced with Renault, which will further strengthen our medium term performance both on and off the track."
"We are pleased to report interim results that demonstrate further progress of our Group strategy," added Adam Parr. "Our core business has performed in line with expectations, with greater costs incurred in the first half. We have made several senior new appointments in engineering and aerodynamics, bolstering both our team devoted to improving track-side performance, and supporting our Jaguar Land Rover partnership. The June 2011 results benefit from full period ownership of Williams Hybrid Power, which has reported its first significant revenues, where we are ramping up commercial flywheel production following success with motorsport OEMs. We have also accelerated the development of Williams Technology Centre Qatar, where efforts to secure our first customer are progressing.
"We also welcome Mike O'Driscoll and Edward Charlton to the Board, joining Toto Wolff as non-executive directors. Their varied experience and expertise enable each to bring valuable perspectives to the Board's stewardship of our strategy, performance and resources. They will serve our minority shareholders well. It is our intention to appoint a fourth non-executive director before the year end."
O'Driscoll is Chairman of Jaguar Heritage, and serves on the Global Advisory Board of JMI, a Motorsport marketing company, while Charlton is a Senior Advisor at Citibank International, a position he has held since 2010. Prior to joining Citigroup Mr Charlton was a director at HSBC Private Bank for five years.