CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open account
☰
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open account
✖

Williams Grand Prix Holdings announces 2015 interim results

Article By: ,  Financial Analyst
September 7, 2015 11:36 AM

On Friday (September 4th), Williams Grand Prix Holdings PLC announced its interim results for the six months to June 30th. The firm is the holding company of the Williams Group of companies, which includes Williams Grand Prix Engineering Limited.

Commenting on the results, group chief executive officer Mike O'Driscoll noted that the first half results indicated a "significant improvement" compared to the same period in 2014 – including strong revenue growth and positive cash flow. 

Overall, revenue for the group was £63.2 million during the period – compared to 44.1 million last year. The operating free cash flow for the group also saw a strong increase, going up £7 million from last year's $18.7 million.

The Formula One division reported revenues of £51.8 million compared to £34.6 million last year, while Williams Advanced Engineering, which commercialises technology derived from Formula One innovations, saw revenue of £10.9 million.

Turnaround strategy

Mr O'Driscoll explained that in 2013, the company set out an "ambitious turnaround strategy". This included reinvigorating the Formula One Team, creating a strong and profitable Advanced Engineering business and divesting in 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," he added.

The company is now seeing higher commercial rights, income and increased sponsorship revenue due to the improved performance of the Formula One team – and this has helped to bolster financial results. Mr O'Driscoll says that the company will continue to prioritise technological innovation, while also balancing investment with strong controls.

He believes that the interim results are "encouraging and represent very good progress". However, he notes that the company will continue to face challenges like cost pressures due to spending levels of Formula One competitors.

"We remain determined to build the necessary foundations for future sporting and commercial success, both on and off the track," he said.

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFD and Forex Trading are leveraged products and your capital is at risk. They may not be suitable for everyone. Please ensure you fully understand the risks involved by reading our full risk warning.

City Index is a trading name of StoneX Financial Ltd. Head and Registered Office: 1st Floor, Moor House, 120 London Wall, London, EC2Y 5ET. StoneX Financial Ltd is a company registered in England and Wales, number: 05616586. Authorised and regulated by the Financial Conduct Authority. FCA Register Number: 446717.

City Index is a trademark of StoneX Financial Ltd.

The information on this website is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement.

© City Index 2024