Financial results from 2015 have represented a major improvement for Williams Grand Prix Holdings PLC.
WGPH is the holding company of the Williams group of companies including Williams Grand Prix Engineering Limited. Group revenue has increased from £90.2m in 2014 to £125.6m last year, with Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) also improving from a loss of £37m in 2014 to a loss of £3.3m in 2015.
Following significant improvement in on-track performance during the 2014 Formula 1 season, there has been an increase in their revenue which is primarily due to increased commercial rights and sponsorship income.
Williams Martini Racing has generated revenues of £101.5m, over £30m more than 2014 with a EBITDA of £0.2m. Williams Advanced Engineering has generated revenues of £21.3m up nearly £5m from 2014 with an increased EBITDA of £2.1m.
Group Chief Executive Officer, Mike O’Driscoll is happy with the financial results and believes these show that Williams are continuing to build a solid foundation for future sporting and commercial success, he also said “Over the past two years we have completely restructured our business, and our results reflect significant progress, both operationally and financially.
“Our Formula One team achieved third place in the Constructors’ Championship for the second successive season in 2015, illustrating the clear step change we have made in our racing competitiveness since we began our restructuring. Commercial rights income is paid a year in arrears, and these accounts reflect our much improved third place in the 2014 Constructors’ Championship.
“Our improved performance on the race track has also enhanced our power in the sponsorship market, with major brands such as Unilever, Avanade, BT and Hackett joining the WILLIAMS MARTINI RACING team during the period.”