Record orders for VT

In an interim management statement today (23 July), VT said the group continued to trade in line with expectations. Its record order book is now approaching £6 billion following its contract for the UK Military Flying Training System (UKMFTS) and the formation, with BAE Systems, of the shipbuilding and naval support joint venture BVT which gave rise to the placing of the manufacturing contract for the Royal Navy’s new aircraft carriers (pictured). VT said it had increased its focus on the development of engineering-based support services with another notable milestones being the start of work on the FSTA (Future Strategic Tanker Aircraft). The initial value of UKMFTS, which was contracted in early June, is around £600 million to Ascent, the joint venture between VT and Lockheed Martin. The total programme value is estimated to be worth up to £6 billion over 25 years. VT was also named selected bidder for a 16-year, £100 million capability management contract for the fleet of emergency vehicles and equipment modules that is deployed by the Fire and Rescue Services to attend major incidents. The group said it was progressing the integration of VT Flagship with the VT Education and Skills business to create the biggest education services and training organisation in the UK, with some 4,000 employees and turnover in excess of £250 million. Looking forward, VT Group chairman Mike Jeffries the business continued to make good progress and remained confident for the full year.