Vosper Thornycroft is looking forward with renewed confidence and a new team to spearhead expansion.

Chairman Lord Wakeham moves to the role of deputy chairman while chief executive Martin Jay becomes chairman and non-executive director. Paul Lester moves over to mastermind the day-to-day running of the company as chief executive.

After 13 years at the helm Mr Jay said he was delighted to be handing over a company in such a strong position to face the future.

When he took over the shipbuilding business was declining and the Woolston-based company was faced with the stark choice of failure or diversification.

The second option has proved hugely successful for the Southampton firm, which has a record order book of around £2bn and now two-thirds of its business comes from support services rather than the shipbuilding business which traditionally made up the bulk of the turnover.

"I'm very proud of what has been achieved and the way our strategic plan is working,'' said Mr Jay.

"Turnover for the last 12 months is up 26 per cent to £479m and the operating profit is up by 14 per cent to £34.1m.''

He said a string of acquisitions in the last 12 months had helped boost support services business and the next few months would see these companies continue to be integrated into the VT group.

"The new chief executive has been involved in the company for the last four years and I don't see any major changes of direction with Paul at the helm,'' he said.

"There will be a seamless handover of control of the company which is so important when we have built up a strong future for Vosper.''

Outgoing chairman Lord Wakeham was equally enthusiastic about the future.

He said: "This will give Vosper Thornycroft one of the most modern and efficient shipbuilding facilities anywhere in the world, at the heart of the Royal Navy, alongside our refit and repair and logistic support operations.

"This will allow the company to compete strongly for further RN work and for export orders for many years to come.''