PWR well set for slice of F1 spend

Weekend Gold Coast Bulletin - - BUSINESS - KATH­LEEN SKENE

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.

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