Williams reports 2011 annual results - turnover and ebit increase, earnings per share up
Williams Grand Prix Holdings PLC (WGPH, Ticker: WGF1) today announced the Group’s results for the year ended 31 December 2011. WGPH is the holding company of the Williams group of companies, which includes Williams Grand Prix Engineering Limited and Williams Hybrid Power Limited.
On a like for like basis the core business, which combines the traditional Formula One business and diversification using our Formula One derived IP, has seen turnover increase from £90.8m to £102.3m, and EBIT increase from £8.2m to £9.8m. This has driven an overall Group turnover of £104.5m (2010: £91m) and an EBIT increase of 20.6% to £7.6m.
The results of the investment businesses, Williams Hybrid Power and Williams Technology Centre Qatar, are growing as expected and are in line with the board’s long-term business plan.
Chairman Adam Parr
“The Group has enjoyed a strong performance over the last 12 months, in spite of continuing difficulties in the global economy. Our 2011 Annual Report shows strong results and our current cash position is excellent.
Our 2011 Annual Report shows strong results
At 29th February 2012, the Group held net cash of £29.2 million. We can therefore look ahead with confidence. We have made a number of new technical appointments that will strengthen our performance in Formula One and we are delighted with our new partnerships with Renault in Formula One and Jaguar on the C-X75 hybrid supercar project.
Our new business developments across Williams Hybrid Power, Williams Advanced Engineering and the Williams Technology Centre Qatar are delivering promising results.”
Our key figures are:
Overall Group results
• Turnover increased by 14.8% to £104.5m (2010: £91m)
• EBIT up 20.6% from £6.3m (2010) to £7.6m
• Net profit up 30% from £6.0m to £7.8m
• Earnings per share up by 34.6% from 60.26 pence to 81.10 pence
Core business results:
• Turnover increased by 12.7% to £102.3m (2010: £90.8m)
• EBIT up by 19.5% from £8.2m (2010) to £9.8m
• Net profit up 24.7% from £7.7m to £9.6m
Investment business results:
• The Williams Technology Centre Qatar (WTCQ) EBIT improved in line with expectation: -£0.3m from -£0.8m in 2010
• Williams Hybrid Power (WHP) turnover up from £0.2m (2010) to £2.1m, with WHP EBIT as expected: -£1.9m (2010: -£1.1m), due to significant ongoing R&D investments