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Williams losses slow despite more red ink at F1 division
5:00pm Thursday 12th September 2013 in News
MOTOR racing and engineering business Williams Grand Prix Holdings has cut its losses, latest figures have revealed.
The Grove-based company made a pre-tax loss of £2.7m for the six months to June 30 compared to £3.1m for the same period last year.
But the Formula 1 division of the business accelerated further into the red as losses widened to £5.6m from £4.6m as success on the track continued to prove elusive.
To date the team has managed to win only one point on the track after 12 races.
Team principal and founder Sir Frank Williams said: “While the 2013 Formula 1 season has not brought the sort of results expected of a team with our history and pedigree, these half-year financial results show we are well placed to make progress with our business on all fronts.”
The wider group, which includes an investment business and technical centre in Qatar, fared better.
The Advanced Engineering business, which is developing hybrid technology for clients such as Nissan, saw profits rise to £4.5m from £3.7m,.
Turnover dropped from £20.2m to £11.2m due to a drop in contract work.
A state of the art research and development unit at the Station Road site is now due for completion early next year. The centre, being built for an undisclosed sum, will house 150 advanced engineering workers who are involved in developing the commercial potential of F1 technology.
A major recruitment campaign has now been launched for engineers who will work on projects for the new Formula E electric car championship and Nissan’s Nismo racing arm.
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