The Grove-based outfit announced its interim results for the first six months of 2015 on Friday, with its F1 operation having reduced losses of £19.8 million last year to £2.5 million this time around.

But with the group business having paid down its debt, from £26 to £19 million, it was encouraged by its situation, which was helped by financial boosts from sponsorship and F1 commercial rights income.

However, despite being well aware that progress further up the F1 order would be tough as it is battling bigger-money rivals like Mercedes, Ferrari, and Red Bull, the team is adamant that keeping its financial health in shape was a priority.

Williams CEO Mike O'Driscoll said: "I think we have shown through the first half results – we are not getting carried away.

"Based on last year's third place [in the constructors' championship], what we didn't do is spend another 20-30 per cent on top of that believing that would have got us to P2 or P1.

"We have inherited a terrific asset base at Williams, great facilities, and the legacy that Frank [Williams] and Patrick [Head] established is so very strong.

"I really do think so much of it is down to people, clear leadership and management structures in the organisation. We spent a lot of time early on making sure that we were going to bring in the right people to complement the great talent that we have in place, and we are seeing the results of that.

"We have no intention of over-spending and getting carried away. Williams has a long history of punching way above our weight and delivering far more for the dollar than any other team."

Challenges ahead

Despite the more encouraging results, which are in stark contrast to the £42.5 million it lost in 2014, the team is aware that big challenges still lay ahead.

"We are still working through the restructuring that started back in 2012, and it is still work in progress," added O'Driscoll.

"We have a challenging second half of the year. We need to stay competitive, we need to challenge towards the front of the grid and following that we need to keep the pressure on all fronts. We don't expect the cost pressures to let up and that will make for a tough second half.

He added: "We are going to have to continue to over perform, but we have a history of over performing. I don't think you can necessarily take spend and equate it to performance. I don't believe that spend by itself would get us there."