Bernie payment boosts Williams financial numbers

Williams Grand Prix Holdings has announced an improved financial performance for the six months to June 30 2012.

The company say turnover on its core F1 business has increased by 57% from £46.4m to £73.0m, while its net profits are up from £2.9m to £8.5m.

The team makes no secret of the fact that its performance has been boosted by a ‘sweetener’ payment from Bernie Ecclestone related to the new Concorde Agreement.

It said in a statement: “The notable increases in half year turnover and profit are largely due to our diversification strategy as well as the recent receipt of a one off payment following a new commercial agreement for our continued commitment to Formula One.”

Sir Frank Williams said: “Williams is at a very exciting stage in its history and these promising results are indicative of this. We have made good progress on track this year, thanks in part to a new technical team, which has seen us pick up our first win in eight years. Our diversification strategy is also gaining momentum, positioning us as a leader in the development of cutting edge technology in areas such as sustainability and safety.”

CEO Alex Burns emphasised the company’s diversification strategy: “These results also validate our long term business plan of adapting technology and know-how developed in Formula One for commercial application in energy efficiency, safety and education. Our core business is now generating strong revenue figures from projects outside of Grand Prix racing.

“For example, our partnership with Jaguar, to develop the ground breaking C-X75 hybrid supercar, is making good progress and other Formula One teams are also using our technology, including a new deal with Marussia that will see them use our KERS technology next year.”