‘Strong results’ from VT

Announcing its results for the year ended 31 March 2008, VT Group Chairman Michael Jeffries said: “BVT Surface Fleet Limited, our joint venture in shipbuilding and naval support with BAE Systems, is ready to be implemented as soon as the Government confirms the placement of the manufacturing contract for the Royal Navy’s new aircraft carriers (CVF).” Outlining its highlights for the year, VT pointed to turnover being up by 20 per cent to £1.2 billion (2007: £1.0bn) and underlying profit up by 20 per cent to £89.1 million (£74.2m). The order book at the close of the period was £4.9 billion (up 32%) Strategically, VT said the organic growth of the business was continuing and it was expanding into new areas of engineering support services: nuclear and waste On operations, it reminded shareholders that the £1 billion contract had been signed for the Future Strategic Tanker Aircraft (FSTA) programme and a contract worth up to £325 million for the UK Military Flying Training System (MFTS) was expected shortly “The Group continues to make excellent progress with strong results shown by all our division,” Jeffries said. “Our strategy of focusing on developing engineering support businesses has seen us move into new sectors of high growth activity through nuclear services and waste management. “We continue to grow the order book and we have achieved significant milestones in aviation support with the signing of the Future Strategic Tanker Aircraft (FSTA) programme and the Military Flying Training System expected shortly. “BVT Surface Fleet Limited, our Joint Venture in shipbuilding and naval support with BAE Systems, is ready to be implemented as soon as the Government confirms the placement of the manufacturing contract for the Royal Navy’s new aircraft carriers (CVF). ”We have a well planned strategy to grow our engineering support services activities and we are also in a good position to benefit from excellent visibility of earnings, strong operating cash flow and good order pipeline. The Board remains confident for the current year and beyond.”