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Williams has reported an improvement in its latest financial figures with the Formula 1 team returning to profit after a second successful season.

The Grove-based outfit finished third in the F1 constructors' championship for the second year in a row in 2015, and has now received its revenue for its '14 results.

The F1 arm of the company reported a £0.2million (EBITDA) profit, following a £31.5million loss in 2014.

It followed a rise in revenues from £70.2million in 2014 to £101.5million last year.

Williams said the improved results are "primarily due to increased commercial rights and sponsorship income following a significant improvement in on-track performance during the 2014 Formula 1 season".

Williams Grand Prix Holdings PLC, the holding company of the Williams group of companies, saw its revenue increase from £90.2million in 2014 to £125.6million last year.

It reduced its EBITDA from a loss of £37million in 2014 to a loss of £3.3million, as it published its financial results for the year ending December 31 2015.

"Our 2015 financial results represent a major improvement, with strong revenue growth and positive cashflow," said CEO Mike O'Driscoll.

"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 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 racetrack 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.

"These financial results show that we are continuing to build a solid foundation for future sporting and commercial success."