Overall revenues for the team's holding company rose by £19.1m to £63.2m for the six months to 30 June.
Losses
before interest, taxation and other costs were £1.4m - considerably
better than the £19.6m loss reported in the same period last year.
The division that sells Formula 1-derived technology and expertise, had a strong half-year.
Williams Advanced Engineering generated revenues of £10.9m, £3.1m higher than last year, with profits up £200,000 to £1m.
Chief
executive Mike O'Driscoll said: "Our first-half results represent a
significant improvement over the same period in 2014, with strong
revenue growth and positive cash flow.
"The improved performance
of our Formula One team on the track is now reflected in both higher
commercial rights income and increased sponsorship revenue, bolstering
our financial results."
The team finished third in the constructors' championship last year and success had continued into 2015, the company said.
Felipe
Massa is currently in fifth place in the drivers' championship with 82
points, while Valtteri Bottas is sixth with 79 points.
However, Mercedes' Lewis Hamilton leads the pack with 227 points.
Williams
is in third place on the constructors' leader board with 161 points for
this season, but that is some distance behind Ferrari on 242 points and
Mercedes on 426 points.
Mr O'Driscoll said the recent agreement
of a multi-year contract with global defence firm General Dynamics
underlined the progress being made by the engineering division.
But
he added: "We face continued cost pressures due to the spending levels
of our major Formula 1 competitors, and this challenging environment
will undoubtedly continue in the near term."
The team faced an
uncertain future following the financial crash in 2008, with a lack of
investment, rising costs and spiralling debts.
As well as setting
up the engineering division in an attempt to create other sources of
income, Williams created a hybrid power business. It worked on adapting
F1 technology for buses and trams, and was sold last year to GKN.
Other teams have also diversified, with McLaren creating a large and growing road car operation.
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