PWR well set for slice of F1 spend
GOLD Coast engineering company PWR Holdings has foreshadowed a year of growth and investment as they look to tap ballooning spend by Formula 1 teams.
Ormeau-based PWR makes cooling systems for Formula 1 and NASCAR race cars and has flagged massive potential upside in the global motor sports market.
In a presentation to the Morgans Queensland Conference this week, the company outlined $3 billion in F1 spend in 2016 as a key opportunity for it to grow its share.
The presentation said 66.1 per cent of PWR’s category sales were in motorsports, with 30 per cent in F1.
It said future contributors in the field included hypercars, supercars, hybrid and electric vehicles, and there was other potential in looking “outside the square” to bus calling and electric vehicle recharging.
PWR shares were issued at $1.50 when first floated in November 2015 and reached a 52-week high of $3.45 yesterday, less than two months after a 52-week low of $1.87 on August 24.
They were trading sharply lower at $2.38 by close of market yesterday.
PWR founder Kees Weel.