The new chief financial officer of Williams says that the Formula One team’s “resurgence” last year was due partly to a relatively new management team, partly to renewed investment and partly to the sale of non-core businesses.

In 2014, the Oxfordshire-based team came third in the F1 Constructors’ Championship, compared with ninth in 2013 — the company’s joint worst year.

Alan Kinch, who started as CFO last December, is the latest in a number of new staff in the last couple of years (following the recruitment of group CEO Mike O’Driscoll and chief technology officer Pat Symonds in 2013).

The 36-year-old, who comes to motor-sport after a decade in the telecommunications industry, said: “We had a fantastic performance in 2014, competing against teams with much bigger budgets.

“The big difference between running the financial side of a telecom business and a motor-sport business is that any investment decision in F1 must be focused on what gets the best car performance on the track. You then become more competitive, improve your position on the grid, win more prize money and attract more sponsors.”