Williams F1 Team See Profits Increase
September 7, 2011
The Williams Formula 1 team has seen profits surge in the first half of 2011 by 37% on the previous year.
Pre-tax profit was £1.7m ($2.7m) after the cost of investing £1.1m ($1.75m) in energy firm Williams Hybrid Power and the Williams Technology Centre in Qatar.
Team Principal Sir Frank Williams said the first six months to 30 June showed “momentum” and “diversified growth”.
Williams went on the Frankfurt stock exchange in March.
As well as the F1 team, treatment Williams Grand Prix Holdings includes other firms, among them engineering and power concerns, as well as outside partnerships.
The firm has a deal with Renault to provide engines for its F1 cars, and a partnership with Jaguar Land Rover to jointly develop the C-X75 supercar.
Adam Parr, Williams chairman 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.”
During the half-year period Williams extended existing sponsor deals with Randstad and Oris, and added Interbrand as a new partner.
Following the stock market launch, Sir Frank Williams has remained majority shareholder and team principal.