The Williams Formula 1 team has lifted itself back into profit on the back of its return to competitiveness in Formula 1.
Back-to-back third placed finishes in the constructors' championship have driven an upturn in both commercial rights revenue and sponsorship income.
Its F1 business turned a £31.5 million loss in 2014 in to a £0.2 million (EBITDA) profit based on an increase of revenues from £70.2 million in 2014 to £101.5 million last year.
The overall Williams group reduced a loss of £37 million in 2014 to £3.3 million last year.
Group chief executive officer Mike O'Driscoll said: “Our 2015 financial results represent a major improvement, with strong revenue growth and positive cash flow.
"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."
He added: “Our Formula 1 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.
"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."
|Operating Free Cash Flow (£m)4||2.7|
|Operating Free Cash Flow (£m)4||37.0|