The Williams Formula 1 team has returned to profit according to its latest financial results, with the team's on-track performance reflected in its statements.
The team enjoyed a second-successive third place finish in the Constructors' Championship in 2015, boosting sponsorship and also received its '14 prize money from Formula One Management, which is paid a year in arrears.
Last financial year (2014) the F1 side of the larger Williams Grand Prix Holdings PLC posted a £31.5 million loss, compared to a small £0.2m (EBITDA) profit for '15.
That came after revenues rose from £70.2m to £101.5m in the space of a year, which is "primarily due to increased commercial rights and sponsorship income following a significant improvement in on-track performance".
Overall, WGPH posted an overall EBITDA loss of £3.3m, although that figure compares positively to last year's £37m loss.
"Our 2015 financial results represent a major improvement, with strong revenue growth and positive cash flow," said Mike O’Driscoll, Group Chief Executive Officer.
"Over the past two years we have completely restructured our business, and our results reflect significant progress, both operationally and financially. We were able to continue our resurgence on the track, and balance revenue and expenditure, despite enormous levels of competitive spending in what is sport’s most challenging financial environment.
“Our Formula One team achieved third place in the Constructors’ Championship for the second successive season in 2015, illustrating the clear step change we have made in our racing competitiveness since we began our restructuring.
"Commercial rights income is paid a year in arrears, and these accounts reflect our much improved third place in the 2014 Constructors’ Championship," he added. "Our improved performance on the race track has also enhanced our power in the sponsorship market, with major brands such as Unilever, Avanade, BT and Hackett joining the Williams Martini Racing team during the period.
"We have also seen a number of our partners increase their commitments to the team, which demonstrates the continued strength of our brand."
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