Williams reported revenue growth

Williams reported revenue growth

April 7, 2019 0 By autotimesnews

Williams Grand Prix Holdings PLC, which includes the Formula 1 team, summed up the financial year ended December 31, 2018.

Total revenue rose to 176.5 million pounds compared with 166.2 million pounds in 2017. EBITDA amounted to 12.9 million pounds compared to 10.8 million pounds in 2017. The company explained that revenue growth is associated with improved financial performance of the Formula 1 team and Williams Advanced Engineering.

The division of the company operating in Formula 1, reported on income in the amount of 130.7 million pounds compared to 125.6 million in 2017. EBITDA over the past fiscal year has not changed and amounted to 16 million pounds. The company Williams Advanced Engineering reported an increase in revenues to 44.8 million pounds in 2018 against 39.5 million pounds a year earlier. EBITDA also increased from 5 to 5.1 million pounds.

Mike O’Driscoll, Executive Director: “The financial results for the 2018th show another strong year for Williams. Our revenues have grown as from the activities in Formula 1, and from the activities of Williams Advanced Engineering.

With the team of Formula 1 were associated with high expectations, because we expected four years of payment of large prizes for the results in the Cup of designers in the past. Unfortunately, last season was difficult, and we could not maintain the high rate of modernization of the machine.

There is a big difference between the leading teams and everyone else, but we very much look forward to long-term plans for Liberty Media, thanks to which all teams will have equal opportunities for competition. At the same time, we aim to increase our own results, despite the difficult start of the season.

We are pleased to start cooperation with the new title sponsor of ROKiT and partners from Orlen. Contracting demonstrates the strength of the Williams brand.

In 2018, Williams Advanced Engineering continued its revenue growth, although this growth was insignificant, as we continue to invest in employees and technical equipment. Our experience in electrification and the use of ultralight materials provides excellent opportunities for further growth. ”