DEVONPORT Dockyard has seen profits leap by £40m as it recovers from losses made when a nuclear submarine refit was hit by delays. Newly released accounts for Devonport Royal Dockyard Ltd (DRDL) show the Plymouth engineering company made a £61.582m profit in the year to the end of March 2023, up from £21.23m.
The 2022 figure was down from £58.5m in 2021 due to the huge delay in refitting Royal Navy sub HMS Vanguard. The vessel finally sailed from Plymouth in May 2023 after being in dock for seven years during which time the overhaul went £300m over budget.
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