Chairman Rhoddy Swire said in his statement that this represented a "solid recovery", and reported increases in market share in a number of sectors. The company also recorded a 24% reduction in debt over the same period.

To ensure that it is in the best possible shape to meet the challenges ahead Clyde Marine has booked a restructuring charge of £2.5 million to cover the rationalisation of manufacturing facilities around a more centralised model and to take account of the costs of reducing the workforce to an optimum level for the current conditions.

The company says the resulting cost savings are expected to make a direct contribution to profitability in the current financial year and ensure that both Lewmar and Navtec remain leaders in innovation, productivity and fulfilment.

Swire ended his statement by thanking all the Clyde Marine staff for their hard work and commitment, and expressing his confidence that the group was in a strong position to service its customers competitively and effectively.