BAE Systems in Barrow has recorded annual profits of £1.5 billion, up by £200 million from 2014.

The firm also had an order backlog of £36.8 billion.

BAE Systems employs a total of 7,700 people within its submarine business and is reaping the rewards of government contracts to construct Astute Class submarines.

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Significant progress was made on the £300 million redevelopment of the Barrow site, with construction starting on a logistics facility, contracts placed for the construction of a new manufacturing facility and refurbishment of existing facilities.

Tony Johns, managing director of BAE Systems’ Submarines, said: “In November we welcomed the government’s restated commitment to seven Astute class submarines and the replacement of the four Vanguard submarines as part of the Strategic Defence and Security Review.

“We have made good progress on all our major programmes and achieved a number of significant milestones. Artful’s exit and subsequent handover to the Royal Navy were particular highlights.

"Our focus on the Successor programme remains on maturing the design ahead of the start of construction, while the redevelopment of our site in Barrow is progressing well.”