DGAP-News: Williams Grand Prix Holdings PLC / Key word(s): Half Year Results Williams Grand Prix Holdings PLC : Williams Announces Interim Results for 2015 04.09.2015 / 08:47
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04.09.15 Williams Announces Interim Results for 2015 Williams Grand Prix Holdings PLC (WGPH, Ticker: WGF1) today announced its interim results for the six months to 30 June 2015. WGPH is the holding company of the Williams Group of companies, which includes Williams Grand Prix Engineering Limited. Overall Group revenue for the period was £63.2m (2014: £44.1m), with EBITDA of (£1.4m) (2014: (£19.6m)). The Group's operating free cash flow saw a strong increase compared to 2014 of £7.0m (2014: (£18.7m)). The Formula One division has reported revenues of £51.8m (2014: £34.6m), with an EBITDA of (£2.5m) (2014: (£19.8m)). Williams Advanced Engineering, the division that commercialises Formula One derived technology and know-how, generated revenues of £10.9m (2014: £7.8m) with an EBITDA of £1.0m (2014: £0.8m). Mike O'Driscoll, Group Chief Executive Officer, said; "Our first half results represent a significant improvement over the same period in 2014, with strong revenue growth and positive cash flow. We made a small EBITDA loss through the first half of the year, which was in line with our expectations. "Mid-way through 2013 we set out on an ambitious turnaround strategy to reinvigorate the Formula One team, create a strong and profitable Advanced Engineering business, and divest non-core activities. In 2014 we made excellent progress against those objectives, with a third place finish in the Formula One Constructors Championship, and an expansion of our Advanced Engineering division. This progress has been sustained into 2015. "The improved performance of our Formula One team on the track is now reflected in both higher commercial rights income and increased sponsorship revenue, bolstering our financial results. We will prioritise technological innovation, but simultaneously continue to balance our investment, with strong controls, during a time of rising costs for all Constructors. "Williams Advanced Engineering has demonstrated continued progress, with revenue and EBITDA increasing, albeit modestly. We anticipate that this trend will continue, while we build up our capabilities in new sectors, primarily aerospace and defence. The announcement of a recent multi-year contract with global defence contractor General Dynamics is evidence of the progress we are making in this division. "Overall, these interim results are encouraging, and represent very good progress. However, we face continued cost pressures due to the spending levels of our major Formula One competitors, and this challenging environment will undoubtedly continue in the near term. We remain determined to build the necessary foundations for future sporting and commercial success, both on and off the track." Interim Financial Results - Key Statistics
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04.09.2015 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. Media archive at www.dgap-medientreff.de and www.dgap.de
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392527 04.09.2015
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04.09.15 Williams Announces Interim Results for 2015 Williams Grand Prix Holdings PLC (WGPH, Ticker: WGF1) today announced its interim results for the six months to 30 June 2015. WGPH is the holding company of the Williams Group of companies, which includes Williams Grand Prix Engineering Limited. Overall Group revenue for the period was £63.2m (2014: £44.1m), with EBITDA of (£1.4m) (2014: (£19.6m)). The Group's operating free cash flow saw a strong increase compared to 2014 of £7.0m (2014: (£18.7m)). The Formula One division has reported revenues of £51.8m (2014: £34.6m), with an EBITDA of (£2.5m) (2014: (£19.8m)). Williams Advanced Engineering, the division that commercialises Formula One derived technology and know-how, generated revenues of £10.9m (2014: £7.8m) with an EBITDA of £1.0m (2014: £0.8m). Mike O'Driscoll, Group Chief Executive Officer, said; "Our first half results represent a significant improvement over the same period in 2014, with strong revenue growth and positive cash flow. We made a small EBITDA loss through the first half of the year, which was in line with our expectations. "Mid-way through 2013 we set out on an ambitious turnaround strategy to reinvigorate the Formula One team, create a strong and profitable Advanced Engineering business, and divest non-core activities. In 2014 we made excellent progress against those objectives, with a third place finish in the Formula One Constructors Championship, and an expansion of our Advanced Engineering division. This progress has been sustained into 2015. "The improved performance of our Formula One team on the track is now reflected in both higher commercial rights income and increased sponsorship revenue, bolstering our financial results. We will prioritise technological innovation, but simultaneously continue to balance our investment, with strong controls, during a time of rising costs for all Constructors. "Williams Advanced Engineering has demonstrated continued progress, with revenue and EBITDA increasing, albeit modestly. We anticipate that this trend will continue, while we build up our capabilities in new sectors, primarily aerospace and defence. The announcement of a recent multi-year contract with global defence contractor General Dynamics is evidence of the progress we are making in this division. "Overall, these interim results are encouraging, and represent very good progress. However, we face continued cost pressures due to the spending levels of our major Formula One competitors, and this challenging environment will undoubtedly continue in the near term. We remain determined to build the necessary foundations for future sporting and commercial success, both on and off the track." Interim Financial Results - Key Statistics
F1 WAE Other Group
2015
Turnover (£m) 51.8 10.9 0.5 63.2
EBITDA (£m) (2.5) 1.0 0.1 (1.4)
EPS (46.8)p
2014
Turnover (£m) 34.6 7.8 1.7 44.1
EBITDA (£m) (19.8) 0.8 (0.6) (19.6)
EPS (194.5)p
-Ends- Media Contacts James Francis Senior Communications Manager M +44 (0) 7788 317 639 james.francis@williamsf1.com Sophie Ogg Head of Communications M +44 (0) 7977 275 762 sophie.ogg@williamsf1.com Notes to Editors Williams 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 600 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. WGPE continues to develop by adapting its intellectual property and rapid development skills in projects outside Formula One under the trading name Williams Advanced Engineering. Williams Advanced Engineering 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, defence 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.---------------------------------------------------------------------
04.09.2015 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. Media archive at www.dgap-medientreff.de and www.dgap.de
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