Following a significant growth in revenues, the holding company of the Williams Formula 1 Grand Prix team (www.williamsf1.com) has reduced its half-year losses by more than £18 million.

Williams Grand Prix Holdings (WGPH), based in Wantage, Oxfordshire, reported a turnover of £63.2 million for the six months ended 30 June, up from £44.1 million the previous year. Losses declined from £19.6 million to £1.4 million for the period.

Revenues at WGPH’s F1 division increased from £34.6 million to £51.8 million. Williams Advanced Engineering, the division that commercialises F1-derived technology, generated revenues of £10.9 million, up from £7.8 million.

Group chief executive Mike O’Driscoll said: “Our first-half results represent a significant improvement over the same period in 2014, with strong revenues growth and positive cash-flow. We made a small EBITDA loss — earnings before interest, taxes, depreciation and amortisation — through the first half of the year, which was in line with our expectations.

“The improved performance of our F1 team on the track is now reflected in both higher commercial-rights income and increased sponsorship revenues, bolstering our financial results.

“We will prioritise technological innovation but, simultaneously, continue to balance our investment, with strong controls, during a time of rising costs for all constructors.”