The challenges on the Formula One track are apparent in the H118 report, and investment is being stepped up. Meanwhile, Williams Advanced Engineering (WAE) is delivering top-line growth, with contributions from a broad range of projects and customers. Overall, Williams Grand Prix Holdings (DE:WGF1G) believes it has the technical know-how and determination to succeed in its field.
H118 results
H118 group revenues declined by 4% to £82.6m (H117 £85.9m). WAE revenues grew 8%; however, Formula One revenues were negatively affected by challenging operating conditions. The group generated an EBITDA loss of £2.7m (H117 £10.4m profit), reflecting the impact of a non-recurring one-off item in H117. The group reported an H118 EPS loss of 87.1p (H117 96.1p gain).
Road ahead
Williams is well placed to meet market challenges through world-class facilities and organisational strength. However, the requirement for additional investment in this year’s Formula One car is followed in swift succession with a focus on next year’s car. The team is currently 10th in the constructor standings, while there is some debate in the press about the influence of Lawrence Stroll on his son to move teams. However, off the track, the group is building industrial links, including the joint venture (JV) with Unipart (Hyperbat) to produce batteries for premium future hybrid and electric vehicles. This JV will operate from a high-tech facility based in the UK. Technology and capability are at the cornerstone of Williams’ group future performance.
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