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VT Group posts 20% profit jump

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Date: Tuesday 13 May 2008

LONDON (ShareCast) - Defence and support service firm VT Group reported a 20% rise in underlying pre-tax profits and said it remains confident for the current year and beyond.

Pre-tax profit before exceptional items rose to £89.1m in the year to end March from £74.2m last time. Underlying turnover is also up by 20% to £1.20bn.

“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,” said chairman Michael Jeffries.

“The board remains confident for the current year and beyond,” he added.

VT Group has recommend a final dividend of 9.55p, giving a total dividend for the year of 13.1p per share, an increase of 11% over last year.

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