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DGAP-News: Williams Grand Prix Holdings PLC : WILLIAMS PUBLISHES INTERIM RESULTS FOR 2013

DGAP-News: Williams Grand Prix Holdings PLC : WILLIAMS PUBLISHES INTERIM 
RESULTS FOR 2013 

DGAP-News: Williams Grand Prix Holdings PLC / Key word(s): Half Year
Results
Williams Grand Prix Holdings PLC : WILLIAMS PUBLISHES INTERIM RESULTS
FOR 2013

09.09.2013 / 08:25

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WILLIAMS PUBLISHES INTERIM RESULTS FOR 2013 
9th September, 2013. Grove, UK. Williams Grand Prix Holdings PLC (WGPH,
Ticker: WGF1) today announced its interim results for the six months to 30
June 2013. WGPH is the holding company of the Williams Group of companies,
which includes Williams Grand Prix Engineering Limited and Williams Hybrid
Power Limited.

The Formula One business recorded a turnover of £43.5m, closely matching
the half year turnover for 2012 of £43.4m. Williams Advanced Engineering,
the division of the Group that commercialises Formula One derived
intellectual property and know-how, recorded a turnover of £11.2m (2012:
£20.2m), with an increase in EBIT to £4.5m (2012: £3.7m). The decline in
turnover for Williams Advanced Engineering is due to a reduction in
pass-through contracting work. This represents £2m of revenue in 2013
(2012: £12.6m).

Overall Group turnover stands at £57.7m (2012: £64.9m). The results of the
investment businesses, Williams Hybrid Power and Williams Technology
Centre, Qatar, are progressing as expected and are in line with the board's
long-term business plan.

Key figures are:

Overall Group results:

Turnover of £57.7m (2012: £64.9m)
EBIT of £(2.7)m (2012: £(3.1)m) 

Formula One business results:

Turnover of £43.5m (2012: £43.4m)
EBIT of £(5.6)m (2012: £(4.6)m)

Williams Advanced Engineering results:

Turnover of £11.2m (2012: £20.2m)
EBIT of £4.5m (2012: £3.7m)

Investment business results:

Williams Hybrid Power (WHP) turnover up from £1.3m (2012) to £2.5m. EBIT
stands at £(1.1)m (2012: £(1.3)m)
The Williams Technology Centre, Qatar (WTCQ) reported EBIT of £(0.5)m
(2012: £(0.9)m)
Full year results are expected to reflect Group turnover between £105m to
£113m (2012: £127m) with Group EBIT between £(3.8)m to £(0.7)m (2012:
£(5.1)m).

Speaking about the results, Founder and Team Principal Sir Frank Williams
said: 'Whilst the 2013 Formula One season has not brought the sort of
results expected of a team with our history and pedigree, these half year
financial results show that we are well placed to make progress with our
business on all fronts.

'We have made strong personnel changes this year that will aid in returning
us to winning ways. Of particular note is the arrival of Pat Symonds as
Chief Technical Officer, who brings unrivalled technical and leadership
skills in addition to a proven ability to deliver on track results. We have
also announced a long term engine partnership with Mercedes that puts us in
a strong position to successfully negotiate next year's regulation changes.
The Williams F1 Team also announced a total of nine new sponsorship
acquisitions, renewals and upgrades for 2013, with a strong pipeline of
potential sponsors in place for 2014.'

Group Chief Executive Officer Mike O'Driscoll said: 'During 2013 we
commenced our long term strategy to deliver sustainable on and off track
success. The results we announce today are a consequence of the proactive
decisions we have taken for the benefit of the business. We have not
enjoyed the on track success we had hoped for during the first part of the
season, but the business remains efficient, cash positive and the decisions
we have taken position us well to secure future success.

'Williams Advanced Engineering's profitability is up and it has enjoyed a
strong start to 2013, recently announcing exciting new projects with
Nissan's Nismo brand to build high performance vehicles and the F.I.A.
Formula E Championship where we will supply the battery hybrid systems for
all 42 cars next season. The reaction to the first public demonstration of
the Jaguar C-X75, built at the Williams factory, has also been extremely
positive and is enhancing our growing reputation as a leading advanced
engineering consultancy business. We continue to invest in the future of
Williams Advanced Engineering, with a state of the art facility due for
completion at our Grove site by early next year.

'Our investment businesses continue to grow and meet the targets we have
set for them. Highlights include Williams Hybrid Power's energy storage
technology helping to power Audi to victory at the Le Mans 24 Hours for a
second consecutive year, and the Williams Technology Centre recently
announcing a new collaboration with Qatar Petroleum to utilise our
simulation technology in the study of tyre behaviour.'

Half Year Results



                    F1          WAE        WTCQ        WHP         Group
2013

Turnover (£m)        43.5       11.2         0.5         2.5           57.7

EBIT (£m)           (5.6)        4.5       (0.5)       (1.1)          (2.7)

EPS                                                                (28.50)p

2012

Turnover (£m)        43.4       20.2           -         1.3           64.9

EBIT (£m)           (4.6)        3.7       (0.9)       (1.3)          (3.1)

EPS                                                                (29.09)p





-Ends-


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