Williams Grand Prix Holdings PLC : Williams Reports First Half of Progress in 2017 Results
26/09/2017Williams Reports First Half of Progress in 2017 Results
Williams Grand Prix Holdings PLC (WGPH, Ticker: WGF1) today announced the Group's interim results for the six months to 30 June 2017. WGPH is the holding company of the Williams group of companies, which includes Williams Grand Prix Engineering Limited.
Group revenue grew to £85.9m for the period, compared to £80.0m in the same period in 2016. EBITDA improved from a profit of £7.8m in 2016 to a profit of £10.4m in 2017. The Group generated operating free cash flow of £10.9m for the six-month period (2016: £13.0m).
The Formula One business generated revenues of £65.5m (2016: £51.3m), with an EBITDA of £10.1m (2016: £4.1m). Williams Advanced Engineering generated revenues of £19.9m (2016: £20.6m) with an EBITDA profit of £3.4m (2016: £3.5m).
Mike O'Driscoll, Group Chief Executive Officer, commented; "These results demonstrate our financial stability as a group, and represent a solid platform from which we can continue to develop our Formula One and advanced engineering operations.
"The Formula One business generated both increased revenues and profit versus the first half of 2016, largely driven by non-recurring one off items and the revenues associated with project work within that period. We are delighted to be celebrating our 40th year in Formula One during 2017, and we are confident that with recent additions to the team, coupled with investment in facilities we will accelerate our progress in the years ahead.
"We are pleased that Williams Advanced Engineering has consolidated its financial position, while simultaneously making further investments in its core capabilities. During the first half of this year we have secured government APC funding for a battery build programme and unveiled the FW-EVX, a ground-breaking lightweight electric vehicle platform concept that showcases our state-of-the-art innovation and proprietary technology. Our growing reputation and expanding customer base support our belief that we will continue to grow the business and create a sustainable and profitable future.
"We continue to face the cost pressures associated with our determination to enhance our Formula One performance and in growing Williams Advanced Engineering, however, we remain confident in our ability to meet these demands. Wider economic pressures and the evolving Formula One landscape will continue to impact our near-term results."
Formula One Williams Advanced Engineering Other1 Group Six months to 30 June 2017 Revenue (£m) 65.5 19.9 0.5 85.9 EBITDA (£m)2 10.1 3.4 (3.1) 10.4 Operating free cash flow3 10.9 Six months to 30 June 2016 Revenue (£m) 51.3 20.6 8.1 80.0 EBITDA (£m)2 4.1 3.5 0.2 7.8 Operating free cash flow3 13.0
1. Williams Heritage, Williams Conference Centre, Group costs, and other projects delivered outside of Formula One and Williams Advanced Engineering.
2. EBITDA represents earnings before interest, taxes, depreciation and amortisation and excludes non-cash share-based payment charges and mark-to-market charges on financial derivatives.
3. Operating free cash flow represents cash flows from operating activities including capital expenditure and disposals of fixed assets.
Notes to EditorsWilliams Grand Prix Holdings PLC Williams Grand Prix Holdings PLC is the holding company of the Williams group of companies ("Group") which includes Williams Grand Prix Engineering Limited. The Group employs over 900 people, and generates its revenues from its long standing Formula One business and its more recently developed Advanced Engineering operation. The Group's aim is to be a championship-winning Formula One team and a world-class engineering and technology business generating consistent and satisfactory returns for its shareholders.
Williams Grand Prix Engineering Limited Williams Grand Prix Engineering Limited's core competencies are the design and development of racing cars to compete in the Formula One World Championship. As one of the world's leading Formula One teams, the company has secured 16 FIA Formula One World Championship titles since its foundation in 1977. Nine of these titles have been won in the Constructors' Championship in association with Cosworth, Honda and Renault. The remaining seven titles were won in the Drivers' Championship with Alan Jones, Keke Rosberg, Nelson Piquet, Nigel Mansell, Alain Prost, Damon Hill and Jacques Villeneuve.
Williams Advanced Engineering Limited Williams Advanced Engineering is the brand that is used for all Group activity outside of the Formula One team, with projects focused on the exploitation of Williams' brand, intellectual property and know how. Williams Advanced Engineering harnesses Formula One derived technology, development pace and knowledge to deliver highly innovative products and services to the motorsport, automotive, transport, aerospace and energy sectors. Working in close collaboration with its customers, Williams Advanced Engineering helps them meet the sustainability challenges of the 21st century and improve their performance, market position and brand image.
26.09.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.deLanguage: English Company: Williams Grand Prix Holdings PLC Grove, Wantage OX12 0DQ Oxfordshire
United Kingdom Phone: +44 (0) 1235 777700 Fax: +44 (0) 1235 764705 E-mail: email@example.com Internet: http://www.williamsf1.com ISIN: DE000A1H6VM4 WKN: A1H6VM Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange; Open Market (Scale) in Frankfurt End of News DGAP News Service