Williams chief executive Mike O'Driscoll has insisted that today's announced financial loss of £42.5m is down to a knock-on effect from past failures.

The Oxfordshire-based team, who are currently third after four races of the 2015 season, recorded a turnover of £71.2m last year, while that figure stood at £106m in 2013.

Having posted an overall profit of £11.9m in the last set of financial figures, Williams has now plunged drastically as a result of their lowest ever finish in the 2013 Constructors' Championship.

"While 2014 at first glance was disappointing, it really was what we anticipated. We're on track," O'Driscoll is quoted as saying by BBC Sport. "What we are reporting today is essentially a hangover. We expect 2015 to be materially, significantly, better than 2014."

Williams has won nine team titles and seven Drivers' Championships since making its constructors' debut in 1978.