Williams Grand Prix Holdings PLC : WILLIAMS REPORTS 2011 ANNUAL RESULTS - TURNOVER AND EBIT INCREASE, EARNINGS PER SHARE UP
DGAP-News: Williams Grand Prix Holdings PLC / Key word(s): Final Results Williams Grand Prix Holdings PLC : WILLIAMS REPORTS 2011 ANNUAL RESULTS - TURNOVER AND EBIT INCREASE, EARNINGS PER SHARE UP
09.03.2012 / 08:54
WILLIAMS REPORTS 2011 ANNUAL RESULTS - TURNOVER AND EBIT INCREASE, EARNINGS PER SHARE UP
9 March, 2012. Grove, UK. Williams Grand Prix Holdings PLC (WGPH, Ticker: WGF1) today announced the Group's results for the year ended 31 December 2011. WGPH is the holding company of the Williams group of companies, which includes Williams Grand Prix Engineering Limited and Williams Hybrid Power Limited.
On a like for like basis the core business, which combines the traditional Formula One business and diversification using our Formula One derived IP, has seen turnover increase from £90.8m to £102.3m, and EBIT increase from £8.2m to £9.8m. This has driven an overall Group turnover of £104.5m (2010: £91m) and an EBIT increase of 20.6% to £7.6m.
The results of the investment businesses, Williams Hybrid Power and Williams Technology Centre Qatar, are growing as expected and are in line with the board's long-term business plan.
Our key figures are:
Overall Group results
- Turnover increased by 14.8% to £104.5m (2010: £91m) - EBIT up 20.6% from £6.3m (2010) to £7.6m - Net profit up 30% from £6.0m to £7.8m - Earnings per share up by 34.6% from 60.26 pence to 81.10 pence
Core business results:
- Turnover increased by 12.7% to £102.3m (2010: £90.8m) - EBIT up by 19.5% from £8.2m (2010) to £9.8m - Net profit up 24.7% from £7.7m to £9.6m
Investment business results:
- The Williams Technology Centre Qatar (WTCQ) EBIT improved in line with expectation: -£0.3m from -£0.8m in 2010 - Williams Hybrid Power (WHP) turnover up from £0.2m (2010) to £2.1m, with WHP EBIT as expected: -£1.9m (2010: -£1.1m), due to significant ongoing R&D investments
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.'
Core WTCQ WHP Group 2011 Turnover (£m) 102.3 0.1 2.1 104.5 EBIT (£m) 9.8 -0.3 -1.9 7.6 Net Profit 9.6 -0.3 -1.5 7.8 EPS 81.10p 2010 Turnover (£m) 90.8 - 0.2 91 EBIT (£m) 8.2 -0.8 -1.1 6.3 Net Profit 7.7 -0.8 -0.9 6.0 EPS 60.26p
- Ends -
Please click here to view a pdf version of this release: http://www.williamsf1.com/downloads/pdf/09_03_12_Annual_Results.pdf
For more information please visit www.williamsf1.com/investors
Thank you.
The Williams F1 Communications Office
Media Contact: James Francis, Communications Executive: +44 7788 317639 james.francis@williamsf1.com
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 and Williams Hybrid Power Limited. The Group has established the Williams Technology Centre in Qatar which is a branch of Williams Grand Prix Engineering Limited.
The Group employs approximately 550 personnel throughout its business. Its revenues are currently derived almost exclusively from its Formula One business, including commercial sponsorships and the team's share of the Formula One commercial rights income.
The Group's aim is to be a championship-winning Formula One team and a world-class technology business generating steady returns for shareholders through the economic cycle.
Williams Grand Prix Engineering Limited
Formed in 1977 by Frank Williams and Patrick Head, Williams Grand Prix Engineering Limited's core competencies are the design and manufacture of Formula One race cars and the deployment of this expertise in running the team's entries in each season's Grands Prix.
One of the world's leading Formula One teams, the company has secured 16 FIA Formula One World Championship titles in the past thirty four years. Nine of these titles have been won in the Constructors' Championship in association with Cosworth, Honda and Renault. The remaining seven titles are Drivers' Championships, won with Alan Jones, Keke Rosberg, Nelson Piquet, Nigel Mansell, Alain Prost, Damon Hill and Jacques Villeneuve.
The Williams F1 Team is one of the most vertically-integrated of Formula One teams with first-class design and manufacturing facilities on its 33 hectare site in Oxfordshire, England.
Williams Grand Prix Engineering Limited aims to develop substantial revenues from exploiting its brand, intellectual property and rapid development skills in projects outside Formula One.
Williams Hybrid Power Limited
Williams Hybrid Power Limited is a company specialising in magnetically-loaded composite flywheels which are used as energy storage devices in small and medium sized applications such as automobiles, buses, trams and light rail.
Williams Technology Centre Qatar
The Williams Technology Centre in Qatar is developing large magnetically loaded composite flywheels for use in trains or static applications such as grid stabilisation, and commercial applications of the Group's motorsport simulation technology.
End of Corporate News
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159947 09.03.2012
ISIN DE000A1H6VM4
AXC0030 2012-03-09/08:55
