The holding company of the Williams Formula One Grand Prix team (www.williamsf1.com) is celebrating improved financial results as it “significantly” narrowed its EBITDA (earnings before interest, taxes, depreciation and amortisation) losses and reported a strong growth in revenues.

Group chief executive Mike O’Driscoll said the financial results for 2015 represent “a major improvement”.

He added: “Over the past two years, we have completely re-structured our business, and our results reflect significant progress, both operationally and financially.”

Williams Grand Prix Holdings, which has its headquarters in Grove, Oxfordshire, reported revenues of £125.6 million for 2015, up from £90.2 million a year earlier (its EBITDA improved from a loss of £37 million in 2014 to a loss of £3.3 million last year).

The increase in revenues was primarily due to increased commercial rights and sponsorship income following a “significant improvement in on-track performance during the 2014 F1 season”.

Williams Advanced Engineering generated EBITDA of £2.1 million on revenues of £17.8 million (up from £1.5 million and £17.8 million respectively). A spokesman said: “The engineering division continued to build and strengthen its customer base, and also began to diversify into new market sectors, notably aerospace and defence”.

Meanwhile, Williams Grand Prix Holdings has appointed Brad Hollinger as a non-executive director. Mr Hollinger has been a share-holder in Williams Grand Prix Holdings since 2014 and has recently increased his shareholding to about 15%. He is chairman and chief executive of Vibra Healthcare, a US acute-care hospital company based in Pennsylvania with more than 10,000 staff, 92 hospitals and transitional care centres, and annual revenues of more than $1 billion.