Williams 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.”

Key Statistics

  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

Notes:

  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.

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