Williams Grand Prix Holdings PLC, the parent company of the only Formula 1 team quoted on a public market, posted a pre-tax profit of £4 million in the first six months of 2016.
The company’s interim financial results were far better in the first two quarters of 2016 compared to the first half of 2015 when profits totaled £1.6 millions. But this year’s resulst were positively impacted by a one-off sponsorship payment.
Revenues of £51.3 million were very slightly down in the first half of the year however compared with 2015 when the company registered a turnover of £51.4 millions. Profits increased thanks to improved performance by Williams Advanced Engineering subsidiary, which has branched out into defence and health industries.
Williams has returned to profitability this year after enduring two consecutive losing years in 2014 and 2015.
Unfortunately, Williams’ performance lull this year on the race track coupled with current investments linked to next season’s revised technical regulations will likely lead to a drop in overall results, according to Williams Group CEO Mike O’Driscoll.
“The evolving Formula 1 regulations dictate a significant change in car design for the 2017 season, which we embrace enthusiastically as an opportunity to make a step forward in our track performance,” O’Driscoll said.
“There are headwinds that we must face in the second half of 2016 and into 2017, notably the increased costs that are incurred during a period of regulatory change in the sport, and predicted uncertainty in many world economies, and this will impact our near term results.”
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