DGAP-News

Williams Grand Prix Holdings PLC : Williams Announces Interim Results for 2015

DGAP-News: Williams Grand Prix Holdings PLC / Key word(s): Half Year
Results
Williams Grand Prix Holdings PLC : Williams Announces Interim Results
for 2015

04.09.2015 / 08:47

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04.09.15
Williams Announces Interim Results for 2015

Williams Grand Prix Holdings PLC (WGPH, Ticker: WGF1) today announced its
interim results for the six months to 30 June 2015. WGPH is the holding
company of the Williams Group of companies, which includes Williams Grand
Prix Engineering Limited.

Overall Group revenue for the period was £63.2m (2014: £44.1m), with EBITDA
of (£1.4m) (2014: (£19.6m)). The Group's operating free cash flow saw a
strong increase compared to 2014 of £7.0m (2014: (£18.7m)).

The Formula One division has reported revenues of £51.8m (2014: £34.6m),
with an EBITDA of (£2.5m) (2014: (£19.8m)). Williams Advanced Engineering,
the division that commercialises Formula One derived technology and
know-how, generated revenues of £10.9m (2014: £7.8m) with an EBITDA of
£1.0m (2014: £0.8m).

Mike O'Driscoll, Group Chief Executive Officer, said; "Our first half
results represent a significant improvement over the same period in 2014,
with strong revenue growth and positive cash flow. We made a small EBITDA
loss through the first half of the year, which was in line with our
expectations.

"Mid-way through 2013 we set out on an ambitious turnaround strategy to
reinvigorate the Formula One team, create a strong and profitable Advanced
Engineering business, and divest 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.

"The improved performance of our Formula One team on the track is now
reflected in both higher commercial rights income and increased sponsorship
revenue, bolstering our financial results. We will prioritise technological
innovation, but simultaneously continue to balance our investment, with
strong controls, during a time of rising costs for all Constructors.

"Williams Advanced Engineering has demonstrated continued progress, with
revenue and EBITDA increasing, albeit modestly. We anticipate that this
trend will continue, while we build up our capabilities in new sectors,
primarily aerospace and defence. The announcement of a recent multi-year
contract with global defence contractor General Dynamics is evidence of the
progress we are making in this division.