In 2020 the scale and complexity of the Sir David Attenborough project sent Cammell Laird into a financial tailspin – five years and a bailout worth tens of millions later the business is buoyant with rising revenues and profits. Tony McDonough reports
Legendary darts commentator Sid Waddell once referred to “the greatest comeback since Lazurus” – a line that today could easily refer to Cammell Laird.
Five years ago the famous Birkenhead shipyard was up the proverbial creek without a particular piece of kit. Taking on the £200m project to build the polar research vessel Sir David Attenborough had initially brought the company a bucketload of prestige.
However, Cammell Laird had underestimated the sheer scale and complexity of the build. While the successful delivery of the vessel was an undoubted triumph, the cost overruns threatened to hole the firm below the waterline.
Chief executive David McGinley called 2020 and 2021 “some of the most challenging times in the group’s history”. Cue an emergency bailout from parent company Peel Group to the tune of tens of millions of pounds and a management overhaul.
It would have been understandable if Cammell Laird had remained on the naughty step and kept its head down for a few years. However, those familiar with the eventful history of this iconic business knew that was unlikely.
Remarkably, Lairds, as it is known locally, has delivered one of the most spectacular turnarounds in its near 200-year lifespan.
This week the company has posted its accounts for the 12 months to March 31, 2025, on Companies House. They show a business in rude health with an 11% rise in revenues to £162.8m and pre-tax profits up 17% to almost £8.1m.
This is the third consecutive year of profit growth and this success has enabled the business, now part of the larger APCL Group, to clear the Peel Group bailout from its balance sheet.
During the financial year Cammell Laird repaid £4.3m of the bailout having repaid £11m the year before. A further £23.3m has been waived as part of a restructure which saw APCL acquire the company’s shares.
Tokenhouse, an entity based in the Isle of Man controlled by the Whitaker family, which also owns Peel Group, remains the ultimate owner of Cammell Laird.
During the 12-month period Cammell Laird was successful in winning new contracts such as Western Ferries for two new vessels, alongside existing projects, and the pipeline for future work is “strong”.
This is the seventh year of the second 10-year through life support contracts to support the Royal Fleet Auxiliary (RFA). During the year Lairds worked on eight core RFA projects for vessels including Tideforce, Fort Victoria, Tidespring and Proteus.
Workers at the yard are also building the first new Mersey Ferry for more than 60 years. Commissioned by the Liverpool City Region Combined Authority, Royal Daffodil is scheduled to come into service in summer 2026.
In the annual report Cammell Laird said: “We continue to support BAE Systems on the submarine programme and this is expected to continue for at least the next nine years “The business is also continuing to support the build for surface ships.”
In August 2020 BAE announced it would build a further five ships for the Norwegian Royal Navy. It is envisaged this will lead to more work for Cammell Laird.
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During the year Cammell Laird employed just over 700 people, up from 663 in the previous year. There are also 160 apprentices currently on the firm’s books. A further 30 are expected to join by February 2026. They are being trained in roles including welders, riggers, fabricators, electrical, HR, project management and finance.
Writing in the annual report, David McGinley said: “The business has now delivered three consecutive years of profit and has now eliminated the remaining balance of the shareholder loan through repayment and loan waiver.
“The business has a strong order book and the strategy focuses on growth and customer success… the directors and management team look forward to the future with a high level of confidence.”