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Williams announces increased profits

ESPNF1 Staff
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Williams' net profit increased by 30% in 2011 © Press Association
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Williams has announced an increase in profits last year and an increase in earnings per share since floating on the Frankfurt Stock Exchange last March.

Williams Grand Prix Holdings (WGPH), which includes Williams Grand Prix Engineering Limited and Williams Hybrid Power Limited, has seen its earnings before interest and tax increase by 20.6% from 6.3m in 2010 to £7.6m in the year ending December 31, 2011. Net profit was up 30% from £6.0m to £7.8m while earnings per share rose 34.6% from 60.26 pence to 81.10 pence.

Williams chairman Adam Parr said the numbers reflected WGPH's positive financial future.

"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. 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."

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