Profits up for shipbuilders
Published Date:
13 May 2008
One of the country's top shipbuilders has announced a jump in profits.
VT Group, which last week completed the bow of a £1bn type 45 anti-air warfare ship at Portsmouth dockyard, declared its turnover had leapt by 20 per cent since last year.
It announced pre-tax profits had hit £71.3m, against £53.8m this time last year – an increase of a third.
The defence giant also said it intends to set up a joint venture with BAE systems for the construction of the Royal Navy's new 'supercarriers'.
In a statement, VT Group chairman Michael Jeffries said the new company, to be known as BVT Surface Fleet Limited, will 'create a world- class company that will serve the interests of the UK market and will successfully address overseas markets'.
He 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.'
The full article contains 164 words and appears in n/a newspaper.
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Last Updated:
13 May 2008 9:56 AM
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Source:
n/a
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Location:
Portsmouth
