Devonport Dockyard Reports £23M Profit Increase for 2024/25
Devonport Royal Dockyard Ltd (DRDL) reported profits of £73.224m for 2024/25, up from £49.57m the previous year. Revenue increased to £1.749bn, driven by submarine maintenance and infrastructure contracts. The company is engaged in discussions for a long-term agreement with the MoD to replace expiring contracts. DRDL maintains Royal Navy warships and submarines, including the Astute and Vanguard classes, and is involved in future submarine programs.
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Devonport Royal Dockyard Ltd (DRDL) achieved a profit of £73.224m for the year 2024/25, an increase of over £23m from £49.57m the prior year. Revenue rose to £1.749bn, with growth attributed to heightened submarine maintenance activity.
DRDL services the Royal Navy and acquired Babcock Marine (Clyde) Ltd in 2023. The company is discussing a long-term partnering agreement with the MoD to replace expiring Future Maritime Support Program contracts.
Notable maintenance activities included the HMS Audacious and HMS Victorious. Net assets increased from £357.2m to £450.2m, aided by a decrease in pension deficits and property investments. The order book now totals £2.221bn.
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