The revenue of the UK-based group was marginally lower in the first six months of 2018 at £82.6m, compared to £85.9m in the same period last year. But the group lost £2.7m overall, compared to a profit of £10.4m in the prior year and the profit at the engineering division was also down.
The Williams Advanced Engineering subsidiary saw revenue of £21.5m in 2018 (2017: £19.9m) with profits before interest, tax and depreciation (EBITDA) of £2.2m (2017: £3.4m). The Formula One business generated £60.7m in revenue in 2018 (2017: £65.5m) with an EBITDA of £0.2m (2017: £10.1m).
“We have delivered a solid set of financial results in what has been a challenging half year for our Formula One operations, whilst continuing to demonstrate growth in our Williams Advanced Engineering Business,” said Mike O’Driscoll, Group Chief Executive Officer.
“Williams Advanced Engineering continues to grow following a robust performance in 2017, generating revenues across a diverse range of projects and attracting new customers with its growing reputation for outstanding delivery. The reduction in profitability in the first half is all related to the timing of various projects. Its focus remains on providing energy-efficient and technically advanced performance solutions in sectors as diverse as motorsport, aerospace, defence and healthcare. We are also excited about the prospects of our recently announced joint venture with Unipart (Hyperbat Limited) which will produce batteries for premium future hybrid and electric vehicles in a high-tech facility based in the UK."
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