Newly released accounts for Devonport Royal Dockyard Ltd (DRDL) show the Plymouth engineering company enjoyed a hike in revenue of nearly £400m in the year to the end of March 2024.
Revenue was up to £1.522bn from £1.124bn in 2023, according to the newly published annual report and financial statements. But profit fell to £49.57m from £61.582m as the company saw its tax bill skyrocket from £15.272m to £23.250m after the rate of Corporation Tax soared from 19% to 23% in April 2023.
But revenue growth, of an impressive 35.4%, was driven by infrastructure contracts, mainly the huge construction work at 9 Dock, 10 Dock and 15 Dock to support the Vanguard and Astute Class submarines.
The report, filed at Companies House, said there had also been increased submarine maintenance during the financial year.
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