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Williams announces improved results
Williams has announced an improvement in its interim results for the first six months of the year compared to the same period in 2010.
Despite struggling with its on-track performance during the first half of the 2011 season, Williams recorded an increase in turnover to £47.3million, while core profit before tax has almost doubled to £2.9million "due to increased revenue and reduced financing costs", and earnings per share is up 49%.
Williams predicts that "Full year results are expected to show revenue growth of around 12% to 20% over 2010 as a result of new business development and activity in Williams Hybrid Power. Overall profit before tax is expected to be in line with 2010 despite investment in Williams Hybrid Power and Williams Technology Centre, Qatar."
Team Principal Sir Frank Williams said that new partnerships were at the centre of the progress.
"The first half of 2011 shows momentum in our diversified growth, building on the foundations we laid in 2010," Williams said. "We have upgraded and extended existing partners Randstad and Oris, and added Interbrand as a new partner. Our new partnership with Jaguar Land Rover was followed by an exciting alliance announced with Renault, which will further strengthen our medium term performance both on and off the track."
Adam Parr said that the growth was "in line with expectations" following the early-season shake-up that included investment in new senior staff.
"We are pleased to report interim results that demonstrate further progress of our Group strategy," he said. "Our core business has performed in line with expectations, with greater costs incurred in the first half. We have made several senior new appointments in engineering and aerodynamics, bolstering both our team devoted to improving track-side performance, and supporting our Jaguar Land Rover partnership.
"The June 2011 results benefit from full period ownership of Williams Hybrid Power, which has reported its first significant revenues, where we are ramping up commercial flywheel production following success with motorsport OEMs. We have also accelerated the development of Williams Technology Centre Qatar, where efforts to secure our first customer are progressing."