Ship firm Northwestern celebrates record profits

May 21 2008 by Barry Turnbull, Liverpool Daily Post

NORTHWESTERN Shiprepairers and Shipbuilders has posted record profits and turnover.

The Birkenhead yard generated business worth more than £41m last year, with profits before tax at £4.3m.

The figures are more than double the previous year and are expected to be eclipse by the current year’s trading.

It represents a strengthening of the business at the former Cammell Laird site, which announced its biggest Ministry of Defence order for £28m in January.

The company is also hopeful of getting further MoD work assembling part of the new aircraft carriers for the Royal Navy.

The latest financial figures for the business have been posted at Companies House in the last few weeks, covering the period to June, 2007.

Managing director John Syvret stated: “This financial year has seen further substantial growth with turnover rising from £18.7m to £41.7m.

“This has been achieved as a direct result of the company’s growing reputation for delivering a cost-effective, quality service to ship owners in the repair, conversion and military marketplace.

“Highlights of the year were the successful completion of Bibby Sapphire for Bibby Line, a technically demanding offshore conversion, and the refit of RFA Bayleaf in Singapore, demonstrating our global reach.

“As a result of the company’s growth in turnover, we have invested in key personnel in IT and management systems to manage the current and future business successfully.”

The accounts also reveal that a dispute with the yard’s former owners, A&P, resulted in an exceptional payment of £1.7m. The directors recommended a dividend of £2.2m.

Mr Syvret, entitled to half of that dividend, added: “The increased level of trading has continued into 2008 with turnover expected to increase. This is confirmed by committed sales and firm orders in hand.”

In the meantime, the company is planning a relaunch when it brings back the iconic name of Cammell Laird.

BARRY TURNBULL