The Williams F1 team has announced its financial results to its shareholders, confirming a 37% rise in profits for the first-half of the 2011 year, following from its recent announcements of an engine deal with Renault and a technical partnership with Jaguar Land rover to develop Jaguar’s C-X75 supercar.
Furthermore, the team has undergone significant changes in its technical organisation, including the signing of former McLaren designer Mike Coughlan and the impending departure of technical director Sam Michael.
In the same period, it has extended deals with major sponsors, recruitment firm Randstad and watchmaker ORIS, while securing brand consultancy group Interbrand as a new sponsor.
The nuts and bolts of it are a pre-tax profit of $2.7 million, while it also confirmed it seen investment totalling $1.6 million in its offshoot Williams Hybrid Power and Qatar-based Williams Technology Centre operations.
Since floating 24% of its worth on the Frankfurt Stock Exchange earlier this year, the team’s share price has lost roughly 40% of its initial value, plummeting from its initial €24.38 price to €15 per share.
A recent rise would suggest that there is some interest in more investment in the future.
However, that’s not a view shared by Williams’ former head of marketing, Scott Garrett, who told the Telegraph newspaper that he does not “believe they will ever have the budget [to win again]”.
“The sorry state of the WF1 equity price indicates a team that is more desperate than confident, and confidence is critical when presenting oneself to sponsors and asking them for money,” he added.
[Image via The Cahier Archive]