VT reports 12% hike in service orders
VT, the defence and support services group that is rapidly moving the emphasis of its operations from manufacturing to services, yesterday (30 March) announced a 12% increase in its services order book.
In a trading statement for the year to 31 March, the group said its services businesses' order book stood at around £4.6 billion, a 12% increase from last year.
VT confirmed that it was to exercise its option to exit from its 45% shareholding in BVT Surface Fleet and that negotiations were ongoing with partner BAE Systems in relation to the export contracts and a possible injection of capital by VT into the BVT business.
VT group chief executive Paul Lester (pictured) said: "Our services businesses continue to show good growth and are trading in line with our expectations. We remain on schedule to exit the BVT Surface Fleet business later this year. This will provide us with significant additional resources to pursue new business opportunities more aggressively".
