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Williams Grand Prix Holdings PLC : Williams Publishes Interim Results for 2014

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Williams Grand Prix Holdings PLC : Williams Publishes Interim Results
for 2014

05.09.2014 / 08:14

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05.09.14
Williams Publishes Interim Results for 2014

Williams Grand Prix Holdings PLC (WGPH, Ticker: WGF1) today announced its
interim results for the six months to 30 June 2014. WGPH is the holding
company of the Williams Group of companies, which includes Williams Grand
Prix Engineering Limited.

Overall Group income for the period was £46.6m (2013: £56.4m), with EBIT of
£(17.1)m (2013: £(2.7)m). The year over year reduction in revenue and
earnings is accounted for by the recognition in 2013 of a special
non-recurring sponsorship payment for 2014 within last year's accounts.

Group Chief Executive Officer Mike O'Driscoll said, "At the beginning of
the second half of last year we began an ambitious strategy to rebuild the
Formula One organisation, develop a strong Advanced Engineering division,
and divest non-core operations. We have already made substantial progress
towards our objectives.

"This strategy has required significant investment, as illustrated by our
first half results, and it is anticipated that this will also impact the
full year results.

"After a number of disappointing seasons, our Formula One team has been
significantly strengthened across all key functions. Our long-term power
unit supply agreement with Mercedes provides strength and stability. As a
consequence we have made a significant step-change in our on-track
performance. We have also made great progress commercially, underscored by
our title partnership agreement with Martini.

"Williams Advanced Engineering is also evolving, as it completes its move
into a new £8m facility that opened in the second quarter of 2014. This new
base of operations will provide the business with the opportunity to
increase its project portfolio and we are seeing a strong pull from the
market for the company's unique offering of energy efficient performance
technologies.

"These financial results are in line with the Board's expectation of what
is required to rebuild and reinvigorate the team and we believe that they
reflect the transitionary period that we must continue to work through if
we are to realise the potential of the Group."

Sir Frank Williams, Founder and Team Principal, added, "Our on track
performance through the first half of this season is evidence that we have
started to build a solid foundation for the future. Our long-term financial