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F1: Williams lost money during first half of 2014

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From Williams

Williams Grand Prix Holdings PLC Friday announced its interim results for the six months to 30 June 2014.

WGPH is the holding company of the Williams Group of companies, which includes Williams Grand Prix Engineering Limited.

Overall Group income for the period was £46.6m (2013: £56.4m), with EBIT of £(17.1)m (2013: £(2.7)m), a loss of about 20m euros.

The year over year reduction in revenue and earnings is accounted for by the recognition in 2013 of a special non-recurring sponsorship payment for 2014 within last year’s accounts [PVDSA of Pastor Maldonado].

Group Chief Executive Officer Mike O’Driscoll said, “At the beginning of the second half of last year we began an ambitious strategy to rebuild the Formula One organisation, develop a strong Advanced Engineering division, and divest non-core operations. We have already made substantial progress towards our objectives.

“This strategy has required significant investment, as illustrated by our first half results, and it is anticipated that this will also impact the full year results.

“After a number of disappointing seasons, our Formula One team has been significantly strengthened across all key functions. Our long-term power unit supply agreement with Mercedes provides strength and stability. As a consequence we have made a significant step-change in our on-track performance. We have also made great progress commercially, underscored by our title partnership agreement with Martini”.