Williams has anounced its annual results for the year to December 31 2010, the first such report since the company sold shares to the public.
The team’s turnover was £91m – down from £108.3m in 2009 – but reported profits, after investments in new subsidiaries were taken into account, were up from £4.5m to £5.8m. The numbers also show a much reduced debt.
Sir Frank Williams said in a statement: “Commercially, 2010 has given Williams a solid foundation from which to grow. Amidst one of the harshest sponsorship environments for a long time, we signed Petroleos de Venezuela S.A. (PDVSA) and upgraded and extended existing partners, Randstad and Oris. This year has seen us build on that with our joint venture with Jaguar Land Rover and we are looking forward to further developments with our new businesses, WHP and WTCQ.”
Adam Parr added: “We are pleased to report a solid set of results for our shareholders. We enter 2011 in a stronger financial position with a strategy to take the business forward again over the coming years. Our March IPO and listing on the Frankfurt Stock Exchange demonstrates investor confidence in Williams, and secures the team’s long-term future by providing a sustainable ownership structure.
“A core element of the strategy set out to investors in March was a partnership with a leading car manufacturer. Our new association with Jaguar Land Rover, announced this month, demonstrates the strategy is on track.”
For those who can translate them the full numbers are as follows. (EBITDA is earnings before interest, taxes, depreciation and amortisation!)
• EBITDA on a like for like basis up 25% to £12 million (2009: £9.6m)
• Reported EBITDA up 5% to £10.1 million (2009: £9,6m)
• Profit before tax on a like for like basis up 33% to £7.7million (2009: £4.5m)
• Reported profit before tax up 28% to £5.8 million (2009: £4.5m) after investment of £1.9million in Williams Hybrid Power and Williams Technology Centre Qatar
• No tax charge for the year. Estimated carry-forward losses for taxation purposes of approximately £88 million
• Turnover of £91 million (2009: £108.3m)
• Cash at hand more than doubled to £27.2 million (2009: £13.2m)
• Cash generation strong, debt reduced to £2.4 million (2009: £9.3m, 2007: £24.8m)
• Williams Hybrid Power’s flywheel contributes to Porsche’s race success with its 911 GT3R Hybrid
• Williams Technology Centre Qatar partners with Sainsbury’s to leverage F1-developed vehicle simulator technology for the UK supermarket’s drivers to enhance energy efficiency and safety
Adam Cooper F1 