Williams Grand Prix Holdings PLC have announced that Williams group revenue improved in the last year up to 31 December 2015.
The group’s revenue expanded from £90.2m (million) in 2014 to £125.6m in 2015, with its EBITDA (earnings before interest, taxes, depreciation and amortisation) improving from a loss of £37m in 2014 to a loss of only £3.3m in 2015.
In 2015, their Formula One team, Williams Grand Prix Engineering Limited, produced a revenue of £101.5m, with a EBITDA of 0.2m, and Williams Advanced Engineering produced a revenue of £21.3m, with an EBITDA of £2.1m.
Other revenue sources such as Williams Heritage and other projects made a revenue of £2.8m, with a EBITDA having a loss of £5.6m. This left an overall cash flow of £2.7m.
In 2015, in Formula One, the team stabilised themselves in the Constructors’ Championship with a second successive third place finish behind Mercedes and Ferrari. Williams Advanced Engineering continued to supply technical parts, such as the batteries used to power the cars in Formula E championship.
Mike O’Driscoll, the group’s Chief Executive Officer, said: “Our 2015 financial results represent a major improvement, with strong revenue growth and positive cash flow. Over the past two years, we have completely restructured our business, and our results reflect significant progress both operationally and financially.
“We were able to continue our resurgence on the track, and balance revenue and expenditure, despite enormous levels of competitive spending in what is sport’s most challenging financial environment. Williams Advanced Engineering continues to make excellent progress and contributes to our overall results.
“These financial results show that we are continuing to build a solid foundation for future sporting and commercial success.”
