‘Boaty McBoatface’ maker Cammell Laird makes first profit since 2017
Cammell Laird, the company that built the ship that was almost known as ‘Boaty McBoatface’ has returned to profit for the first time since 2017.
The Birkenhead-based business has reported a pre-tax profit of £3.7m for the year to April 1, 2023, new documents filed with Companies House have confirmed.
Cammell Laird, which completed work on the RRS Sir David Attenborough in the summer of 2021, also saw its turnover jump from £94.4m to £122.6m.
The last time the company was in the black was when it reported a pre-tax profit of £7.4m in 2017.
Cammell Laird also carries out work for the likes of the Royal Navy and supports BAE Systems.
A statement signed off by the board said: “There has been a significant increase in turnover for the year. This [was] mainly 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 balance sheet is healthier than last year with debtors and creditors reducing, along with a significant increase in cash balances.
“Over previous years, challenging issues n the RRS Sir David Attenborough contributed to cash flow pressures in the group.
“These pressures have now largely subsided; however the company’s parent has continued to provide support. This support was used to normalise the payment position with trade creditors.
“No additional cash support has been required since October 2021 and £8m of funds have been repaid between then and July 2023.”
On its future plans, Cammell Laird added: “The business has now returned to profit. The focus for the management team will be on the RFA Cluster Support contract, the Dreadnought Programme and Type 26 Programme, as well as continuing to win new long-term agreements with commercial customers and provide regular maintenance and refits on a recurring basis for multiple vessels.
“The directors and management team look forward to the future with a high level of confidence.”
During the year, the average number of people employed by the business increased from 571 to 598. The rise comes after a raft of redundancies had cut its headcount from 693 in 2021.