Formula 1 team Williams announce positive interim results for 2011 season – Formula 1 news
Team Williams have recently announced their 2011 interim results and as compared to their 2010 run until this point, they have improved.
The team’s principal Sir Frank Williams has stated that the team has secured some new partners and in order to secure them completely, the team had to go through a rough patch in the beginning of the 2011 Formula 1 season in order to secure the future.
“The first half of 2011 shows momentum in our diversified growth, building on the foundations we laid in 2010. We have upgraded and extended existing partners Randstad and Oris, and added Interbrand as a new partner,” he said.
The team claims that they have increased their turnover to £47.3 million which means that the core profit has also doubled to around £2.9 million. As a result of this improvement, the Earning Per Share is now up to almost 49 percent.
“Full year results are expected to show revenue growth of around 12% to 20% over 2010 as a result of new business development and activity in Williams Hybrid Power. Overall profit before tax is expected to be in line with 2010 despite investment in Williams
Hybrid Power and Williams Technology Centre, Qatar,” said Williams.
Nevertheless, the team is going through an extremely rough 2011 Formula 1 season as they are currently the least points-scoring team on the 2011 Formula 1 grid. They are just ahead of Team Lotus, Hispania Racing Team and Virgin Racing Team in the constructors’
standings keeping in mind that these three teams are yet to score their first points in Formula 1.
The team used to be a championship-winning team and now their performance has deteriorated immensely as a result of which they have decided to go through some major administrative and management changes before the beginning of the 2012 Formula 1 season.
With just 7 races remaining, the main goal for Williams is to take at least the 8th place in the 2011 constructors’ standings ahead of Toro Rosso which at the moment might not be possible for the team since their car is not strong enough comparatively.
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