Despite reporting losses of more than £500,000, Wirral military boat builder Marine Specialised Technology hails its ‘very strong’ order book and aims to double the size of its manufacturing facility on the Mersey. Tony McDonough reports
Wirral military boat builder Marine Specialised Technology (MST) says it has plans to double the size of its manufacturing facility on the banks of the River Mersey.
MST designs and manufactures high speed and rigid inflatable boats (RIBs), primarily for the military, special forces, coastguard and law enforcement sectors, exporting to multiple countries across the world.
In recent times it has secured contracts with the German and Japanese navies as well as multiple orders for its inflatable landing craft from NATO partners across Europe.
It relocated from Liverpool to Bromborough in Wirral in 2022 and operates from a yard and manufacturing base on the river, employing 135 people.
Now, despite admitting it has experienced a “difficult year” which saw turnover and profits fall, MST says strong demand for its vessels amid a more volatile world has given it confidence to continue to expand.
In its latest accounts for the 12 months to September 30, 2024, just posted on Companies House, MST saw revenues fall to £17.8m from £19.4m in the previous year. It also saw a £781,613 pre-tax profit in 2023 turn into a £532,284 pre-tax loss in 2024.
MST is jointly owned by two directors – Ben Kerfoot and Philip Hilbert – who shared dividends of £90,000. Writing in the annual report Ben, who is the managing director, said: “The group experienced a difficult year which saw turnover and profits falling.
“The decision was taken to develop a new range of ultra high-speed craft and a large investment of design time was made in this.
“The first two orders were received from European defence customers and those boats were delivered in 2025. The sharp rise in global inflation again led to short-term issues particularly in relation to one large fixed-price contract won in March 2021.
“This will continue to adversely affect the results until the contract escalator clauses take effect in October 2025.”
However, he added: “The sales order book remains very strong and we anticipate this will give rise to substantial further increases in turnover over the next two to three years.
“The unprecedented geopolitical situation has resulted in a large increase in the number of enquiries and the values attached to them.”
These current and future prospects have given MST the confidence to continue to invest in its business. In May this year LBN reported the firm had secured a £6m funding package from NatWest. This will help it to manage working capital requirements.
In the accounts Ben said it was necessary to expand its physical footprint. He explained: “To meet the increased work and fulfil the orders on hand it is necessary to expand the manufacturing facilities.
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“Plans have been drawn up to double the size of the facilities at our shipyard on the River Mersey but an issue with the title to the site has delayed this. We hope that this will be resolved by the end of 2025 and the development can proceed as planned.”
MST also offers wrap-around services such as bespoke training on vessel operation, technical support, craft maintenance and repair, as well as spare parts and vessel upgrades as technology advances.