Williams looks beyond Formula One for revenue growth
It may have toiled on the track this year, but Williams Grand Prix has taken the chequered flag by driving a sharp uplift in its first half profits.
The UK-based group, whose Formula One drivers are Pastor Maldonado and Bruno Senna, has diversified away from its reliance on Grand Prix by striking deals with car makers, such as Jaguar, to sell them its energy efficiency and safety technology.
Williams grew its net profits from £1.9m to £6.6m over the six months to 30 June, although this was inflated by a one-off payment from the terms of renewing its participation in F1. Turnover jumped by 57 per cent to £73m.
Williams is languishing in eighth place in the constructors' championship, although Maldonado won the Spanish Grand Prix in May.
Alex Burns, the chief executive, said: "We have made a step forward in Formula One this season and expect this upward trend to continue into next season." He added: "These results also validate our long-term business plan … Our core business is now generating strong revenue figures from projects outside of Grand Prix racing."
Apple agrees deal with Visa on contactless payments
- 1 Half of young women unable to ‘locate vagina’ and 65% find it difficult to say the word
- 2 Perez Hilton apologises for Jennifer Lawrence naked photo leak
- 3 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
- 4 Mexican woman becomes world’s 'oldest person' at 127
- 5 Jennifer Lawrence 'naked sex video' will be leaked threatens 4Chan celebrity photo hacker
iPhone 6 'hidden code' could indicate sharper screens or bigger phones
Perez Hilton apologises for Jennifer Lawrence naked photo leak
Ariana Grande nude photos leak: 'These are completely fake' say singer's representatives
A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
Kate Upton nude pictures leak: Model's representatives 'looking into' authenticity of naked images
Rotherham child sex abuse scandal: Labour Home Office to be probed over what Tony Blair's government knew - and when
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Do you realise just how foolish the UK looks?
With Douglas Carswell joining Ukip, my party has taken another giant step forward
iJobs Money & Business
£85000 per annum: Harrington Starr: Head of IT (Windows, Server, VMware, SAN, ...
£40000 - £50000 per annum: Harrington Starr: You will not be expected to hav...
£500 per day: Harrington Starr: SQL DBA/Developer SQL, C#, VBA, Data Warehousi...
£650 per day: Harrington Starr: .NET Developer C#, Win Forms, WPF, WCF, MVVM,...