The Force India Formula 1 team has reduced its loss from £15.4m [$22.3m]for the 2014 financial year to £6.8m [$9.8m] last year.
The company’s turnover increased from £59.92m [$86.5m] in 2014 to £64.26m [$92.8m] in ’15 in statements for the year ending on Dec. 31. The directors’ report states this is the result of “higher sponsorship revenue and enhanced terms with existing partners.”
Force India achieved its best-ever constructors’ championship finish last year with fifth. That means it will receive $67m in revenues from FOM, up 12 percent on the previous year, with payments distributed over the course of this year.
The reports adds Force India received a boost in funding following a multi-year development driver deal with young Russian racer Nikita Mazepin. It said the deal provides the team with “a cash injection ahead of a significant regulation changes for the 2017 season.”
The report adds: “The Force India commercial department is hopeful it will help facilitate additional sponsorship revenues from the Russian market, while building future deals with both the Mexican and domestic markets.”