21st September 2012
Cammell Laird boss John Syvret remains committed to running the Birkenhead engineering firm and shipyard, despite selling a stake in the business.
He was speaking as Cammell Laird’s latest accounts reveal improved sales and profits.
Mr Syvret received a share of a £30.5m payment from Port of Liverpool owner Peel Ports when it increased its stake in the business from 50% to 75%. Peel also increased its stake in Atlantic & Peninsula Marine Services, which was also part- owned by Mr Syvret and other shipyard management.
The terms of the deal mean that Mr Syvret retains control of the business and the man who rescued the shipyard after it went bust more than a decade ago insisted he has no plans to retire.
Cammell Laird achieved a 21% increase in turnover during a shorter than usual accounting period of 10 months to the end of last March.
Filed at Companies House last week, the accounts show turnover was £115.9m, up from £95.2m in the 12-month period to March, 2012. Profit before tax was £10.4m, up from £10.3m in the previous year, equivalent to an 18% rise given the shorter accounting period. The group’s shipyards were kept busy last year by maintenance work on Royal Fleet Auxiliary vessels and construction of the flight decks of the Royal Navy’s new aircraft carrier HMS Queen Elizabeth ll.
Jon Schofield of Dow Schofield Watts advised the management team.