Newly released company accounts show the team made a loss of US $9.8m in 2015, compared to $21.9m over the course of 2014.

The improved figures were boosted by an increase in income, which was up to $92.7m from $86.4m in 2014. This was mostly derived from increased sponsorship, mainly connected to Mexico and Sergio Perez.

The team has also benefited from FOM income associated with finishing sixth in the World Championship in both 2013 and 2014.

This income is paid the following year, and the fifth place achieved in 2015 will be reflected in this season's financial performance.

The accounts note that despite losses the company is still a going concern and that it “is still reliant on the continued support of its parent company Orange India Holdings Sarl and its shareholders” adding that “management are confident that Orange India Holdings Sarl will continue to provide the company with sufficient funds to enable the company to meet its liabilities as they fall due for a period of 12 months from the date of signature of these financial statements [March 3].”

Paying off loans

A $5.6m loan from Swiss bank Edmond de Rothschild was paid off last year, while another loan of $681,240 from Mexico's America Movil was due to be repaid in April.

It's also revealed that average staffing levels rose from 376 in 2014 to 382 last season.

Deputy team principal Bob Fernley says that the figures also reflect the fact that significant funds have been spent on building up the team over recent seasons.

“What we've been doing as a team is investing quite heavily in the technical capabilities of the team over the last seven years,” he told Motorsport.com.

“You've got to remember there was probably 10 years of under investment in the team when Vijay bought it.

“While we will never stop investing, that investment is slowing down a little now, and we can progress on balancing our programmes in order that we can stay competitive while doing it with a balanced budget.

“We started that process last year, because we made the final moves to Toyota's wind tunnel at the end of 2014 and we started to see the technical benefits going through in 2015.

"It's a very positive process that we've been able to invest our capabilities and we can now focus on getting the team sustainable going forward from a commercial and expenditure point of view,” he added.