10/05/2011
NEWS STORY
Williams Grand Prix Holdings PLC today announced Williams Grand Prix Engineering Limited's results for the year ended 31 December.
The press release reads as follows:
2010. Group subsidiary Williams Grand Prix Engineering Limited designs and manufactures Formula One race cars, running AT&T Williams' entries in the FIA Formula One World Championship.
EBITDA on a like for like basis up 25% to £12 million (2009: £9.6m)
Reported EBITDA up 5% to £10.1 million (2009: £9,6m)
Profit before tax on a like for like basis up 33% to £7.7million (2009: £4.5m)
Reported profit before tax up 28% to £5.8 million (2009: £4.5m) after investment of £1.9million in Williams Hybrid Power and Williams Technology Centre Qatar
No tax charge for the year. Estimated carry-forward losses for taxation purposes of approximately £88 million
Turnover of £91 million (2009: £108.3m)
Cash at hand more than doubled to £27.2 million (2009: £13.2m)
Cash generation strong, debt reduced to £2.4 million (2009: £9.3m, 2007: £24.8m)
Williams Hybrid Power's flywheel contributes to Porsche's race success with its 911 GT3R Hybrid
Williams Technology Centre Qatar partners with Sainsbury's to leverage F1-developed vehicle simulator technology for the UK supermarket's drivers to enhance energy efficiency and safety
Sir Frank Williams said: "Commercially, 2010 has given Williams a solid foundation from which to grow. Amidst one of the harshest sponsorship environments for a long time, we signed Petroleos de Venezuela S.A. (PDVSA) and upgraded and extended existing partners, Randstad and Oris. This year has seen us build on that with our joint venture with Jaguar Land Rover and we are looking forward to further developments with our new businesses, WHP and WTCQ."
Chairman Adam Parr said: "We are pleased to report a solid set of results for our shareholders. We enter 2011 in a stronger financial position with a strategy to take the business forward again over the coming years. Our March IPO and listing on the Frankfurt Stock Exchange demonstrates investor confidence in Williams, and secures the team's long-term future by providing a sustainable ownership structure. A core element of the strategy set out to investors in March was a partnership with a leading car manufacturer. Our new association with Jaguar Land Rover, announced this month, demonstrates the strategy is on track."
On 2 March 2011 Williams was admitted to the Open Market (Entry Standard segment) of the Frankfurt Stock Exchange, under the ticker symbol WGF1, following its initial public offering of 24% of its existing ordinary shares.