However, accounts lodged with Companies House reveal that for the year ended February 28 2023, turnover dipped to £28.9m from £29.5m in 2022, in the wake of rising inflation.

The firm increased its head count throughout the year, from 214 to 220.

In his strategic report, John Watt, managing director, said that the accounts reflect five new vessels delivered during 2022-23, alongside increased repair and refit work.

Stressing the firm’s efforts to create job opportunities for young people in the north-east of Scotland, Mr Watt added: “We continue to invest heavily in our business and people, and at present, we have 40 young people in work experience from college, modern apprenticeships or HNC (Higher National Certificate) courses.”

He concluded that the firm’s directors were not aware of any likely major changes in the company’s activities in the next year.

He said: “The company continues to reinvest in the facilities and has several new builds scheduled for the year ahead.”