Williams release strong figures

Williams has again announced an increase in profits following the release of their end-of-year financial results.

Despite enduring the worst season in their Formula One history last year, Williams Grand Prix Holdings (WGPH), which floated on the Frankfurt Stock Exchange a year ago, continues to flourish.

WGPH, which includes Williams Grand Prix Engineering Limited and Williams Hybrid Power Limited, has seen turnover increase from £91million to £104.5m for the year ending December 31, 2011.

Earnings before interest and tax also increased from £6.3m to £7.6m, resulting in a 30% rise in net profit from £6m to £7.6m, with earnings per share up 34.6% from 60.26p to 81.10p.

In terms of the core business around F1 and diversification using the team’s F1 intellectual property, net profit is up 24.7% from £7.7m to £9.6m.

Williams chairman Adam Parr said: “The group has enjoyed a strong performance over the last 12 months, in spite of continuing difficulties in the global economy.

“Our 2011 annual report shows strong results and our current cash position is excellent.

“At 29th February 2012, the group held net cash of £29.2 million. We can therefore look ahead with confidence.

“We have made a number of new technical appointments that will strengthen our performance in Formula One and we are delighted with our new partnerships with Renault in Formula One and Jaguar on the C-X75 hybrid supercar project.

“Our new business developments across Williams Hybrid Power, Williams Advanced Engineering and the Williams Technology Centre Qatar are delivering promising results.”