Motor racing-Williams increase revenues and pay down debt
By Alan Baldwin
MONZA, Italy, Sept 4 (Reuters) - The improved track performance of the Williams Formula One team was reflected in the interim results of the parent company on Friday with Williams Grand Prix Holdings reporting increased revenues and reduced debt.
"The improved performance of our Formula One team on the track is now reflected in both higher commercial rights income and increased sponsorship revenue, bolstering our financial results," said chief executive Mike O'Driscoll.
The holding company reported overall revenues for the six months to June 30 of 63.2 million pounds ($96.39 million), up from 44.1 million last year.
Earnings before interest, taxes, depreciation and amortization (EBITDA) showed a loss of 1.4 million compared to 19.6 million in 2014.
The Formula One division saw revenues increase to 51.8 million pounds from 34.6 million in the same period last year.
Net debt was reduced from 26 million pounds to 19 million.
Williams ended last season in third place after plunging to ninth in 2013, when they scored only five points. They are currently third in the constructors' standings, behind champions Mercedes and Ferrari.
O'Driscoll told reporters the company was still working through a restructuring process that started in 2013 and faced a challenging second half of the year with continuing cash pressures. Continuación...