VT group has announced their interim results for the last six months, revealing a 23 per cent rise in turnover to over £500m and a 31 per cent rise in profit before taxation to £34m.
According to VT, the period saw significant progress towards the surface fleet joint venture with BAE Systems and, among others, a £32m contract from the British Army for training, maintenance and support at Bovington.
‘We are very pleased to announce these strong results and significant corporate achievement in terms of moving towards finalising our joint venture with BAE,’ said chairman, Michael Jeffries. ‘With our shipbuilding activities set to be combined with those of BAE, we will focus increasingly on strengthening our wider support services business by organic growth and acquisition.
‘We continue to make progress towards closing some major support services contracts in the near future that will enable us to increase our £3.7bn order book considerably.
‘Following this strong first half performance, the board remains confident that the full year results will be in line with our expectations.’
The period also saw revenue (excluding joint ventures) rise by a quarter to £496.2m, and basic earnings per share rise 40 per cent to 16p.