The Birkenhead-based shipbuilder and repairer said: "The company intends to enter the heavy engineering sector and will target bespoke offshore, marine, and energy/renewable energy markets."

Operating profit rose by £1m to £10.1m ($15.18m) last year.

Revenue was up at £95.2m from £75.6m in 2011.

The yard is expecting further growth this year on the back of recent contract wins for two new ro-paxes for Scotland's Western Ferries and a conversion project in the Orkney islands.