Cammell Laird, the shipbuilder which almost named its vessel ‘Boaty McBoatface’, returned to profitability for the first time since 2017.
Pre-tax profits reached £3.7 million for the year ending 1 April 2023, a Companies House filing revealed.
Turnover at the Birkenhead-based group lifted from £94.4 million to £122.6 million.
A statement approved by the board said the uptick in turnover was “driven by a doubling in commercial ship repair revenue”.
“The increase in [gross profit] margin is as a result of all work now being profit generating; the prior years had the continued impact from the losses incurred in respect of the RRS Sir David Attenborough,” the statement added.
“The balance sheet is healthier than last year with debtors and creditors reducing, along with a significant increase in cash balances."
Looking forward, the group said its focus is on the RFA Cluster Support contract, the Dreadnaught Programme and the Type 26 Programme.
In 2016, the group grabbed headlines after it allowed people to vote on its new £200 million polar research ship, with joke choice ‘Boaty McBoatface’ taking the crown.
However, Cammell Laird decided against the public and instead went with RRS Sir David Attenborough, which was completed in the summer of 2021.