Macduff Shipyards has posted a big jump in profits for the year to February 28, 2014, when it acquired some of the assets of Buckie Shipyard after it sank into administration.
Accounts released by Companies House show Aberdeenshire-based Macduff made pre-tax profits of £1.55million in 2013/14, up from £1.04million the year before.
Turnover grew to £16.8million in the latest period, from £15.3million a year earlier.
Managing director John Watt told the Press and Journal the firm was continuing to diversify successfully, adding: “These latest accounts are a reflection of this.
“The yard is busy, with several new-build projects ongoing and regular refit and repair work carried out on fishing vessels, oil standby vessels, fish farm barges, work boats and ferries.
“Our profiling, crane hire, precision engineering and offshore divisions also continue to develop satisfactorily.
“We continue to invest heavily in our business and people, while at all times being absolutely committed to providing our customers with a first-class service”.
More than 70 people were made redundant when Buckie Shipyard, founded in 1903, went bust in August last year,
The firm designed and built boats, as well as refurbishing and maintaining vessels.
Macduff later snapped up some of the assets, including the failed Buckie firm’s main fabrication building, machinery and a lease for its vessel launching ramp.
The accounts show Macduff employed 151 people on average during 2013/14, up from 143 in the previous year.
Macduff’s roots go back to 1940, when John Watt and his two sons built a range of lifeboats and motorboats at Gardenstown before diversifying their venture into fishing vessels.