Williams revealed financial results for the six months

Williams revealed financial results for the six months

September 11, 2019 0 By autotimesnews

Williams Group revealed its financial results for the first six months of 2019 on Tuesday. Compared with the same period last year, the group’s revenue decreased by 4.8 million pounds (from 82.6 to 77.8 million pounds), while a loss of 18.8 million pounds was recorded (in 2018 According to the results of the first half of the year, Williams achieved a profit of £ 2.7 million).

The negative dynamics is expectedly due to the much smaller prize amount received by the Williams team according to the results of the previous season. If last year, according to the results of the first six months, the sports division of the group – Williams Grand Prix Engineering Limited – earned £ 60.7 million, showing a profit of £ 0.2 million, then in the first half of 2019, similar numbers are much more modest : revenue 46.3 million pounds, loss – 16.8 million pounds.

The technology division, Williams Advanced Engineering, has positive dynamics: revenue has increased from 21.5 to 30.9 million, and profits from 2.2 to 2.5 million pounds. True, unlike last year’s situation, this time the dynamics are not enough to compensate for the losses of the sports division.

The financial condition of the Williams group of companies was greatly affected by the departure of several key sponsors, but in Grove they were able to conclude new agreements with Orlen and ROKiT, the latter being calculated until 2023. Speaking about possible indicators for the whole of 2019, Williams expressed confidence that the main losses have already been recorded in the first six months, and that in the second half of the financial results may be more positive.