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Britain's VT Group Sees Continued Growth (Jul 28)

Support services and shipbuilding company VT Group reported at its Annual General Meeting today (July 27) that good progress had been made since its year end in March with some £300m worth of new business secured.

Chairman Mike Jeffries commented: “Growth in the order book has been achieved in both the UK and US. Since year end, VT Communications has announced a major agreement with the BBC to continue distributing and transmitting BBC World Service radio programming for a further five years to 2012.

“In the US, VT Griffin has expanded its order book with several new contracts valued in total around $100m. These include the provision of base operations support services for the Department of Defense at various sites throughout the country.

“Also in the US, we are bidding for a flying training contract in partnership with Lockheed Martin. In the UK, further collaboration with Lockheed Martin includes submitting a bid next month for the UK Military Flying Training System (UKMFTS).

“VT Shipbuilding has delivered the first of six bow sections for the Royal Navy’s new Daring Class Type 45 destroyer. Good progress has been made on the second and third bow blocks and production has also started at Portsmouth on a new Offshore Patrol Vessel (Helicopter) for the Royal Navy.

“Bids for offshore patrol vessels have been submitted to Oman and Trinidad and Tobago, with further news expected by the end of the year.

“VT is in a strong position with all our businesses operating in line with expectations. The Group has several good prospects and is in excellent shape to take advantage of exciting opportunities in the UK and overseas.”

Growth Continues at VT Group