|Type||Public (LSE: VTG)|
|Headquarters||Southampton, Hampshire, England|
|Key people||Mike Jeffries, (Chairman)
Paul Lester, (CEO)
|Industry||Support Services (formerly Shipbuilding)|
|Revenue||£1,201.0 million (2008)|
|Operating income||£81.2 million (2008)|
|Net income||£58.0 million (2008)|
VT Group plc (LSE: VTG) is a British defence and services company formerly known as Vosper Thornycroft. The Company has diversified from shipbuilding into various engineering and support services. VT Group is now involved in many areas of provision through five main operating groups: VT Communications, VT Education and Skills, VT Services Inc and VT Support Services. VT Group has exited the Joint Venture company BVT Surface Fleet, after selling it's 45% share of the Shipbuilding Company. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
The Company was formed by the merger of two shipbuilding companies Vosper Limited of Portsmouth and J I Thornycroft of Woolston, Southampton in 1966 at which time the Company became listed on the London Stock Exchange as Vosper Thornycroft. Vosper Ltd built small boats and J I Thornycroft had a long history of building destroyers and similar sized craft. The company was nationalised by the Labour Government in the mid 1970s becoming a division of British Shipbuilders. It became a commercial company again after a management buyout in 1985.
Vosper Thornycroft has flourished even during lean times for warship building, mainly through successful sales efforts in exports and diversification outside of the core shipbuilding business into training and support. In 2001, in their most ambitious diversification project to date, VT started work on the US$55million superyacht Mirabella V for former Avis Car Hire boss Joe Vittoria. At the time of its completion in 2004, Mirabella V was the world's largest single-masted sailing vessel with an overall length of 75 metres and a mast height of approximately 87 metres.
The overall business has been known as VT Group plc since 2002.
For many years, the company had a shipbuilding yard in Southampton, Hampshire but in 2003 relocated its shipbuilding operations to new facilities in the famous HMNB Portsmouth Naval Dockyard under the name VT Shipbuilding. With effect from 1 July 2008, VT Shipbuilding was merged with BAE Systems' Surface Fleet Solutions subsidiary to form BVT Surface Fleet. On 28 January 2009 VT Group announced its intention to sell its share of BVT Surface Fleet to BAE Systems. VT Group's put option values its share at a minimum of £380 million subject to conditions, however VT Group is expected to make a cash injection into the business to offset difficulties with the Trinidad and Tobago and Oman contracts. Following the sale of VT Group's 45% share, BVT Surface Fleet was renamed BAE Systems Surface Ships to reflect the total ownerships.
As of 2008 VT Group manages its subsidiaries through five main divisions:
VT Communications is split between two business units; Broadcast and Defence & Security. The former provides broadcast infrastructure and services.
VT Education and Skills provides various services to schools such as consultancy and facilities management. It also provides training services to commercial companies. VT Education and Skills also includes the former Flagship Training joint venture with BAE Systems which provides training for Royal Navy personnel and other customers.
VT Services Inc. is the company's United States subsidiary and has three business units; VT Aepco, VT Griffin and VT Milcom.
VT Support Services operates in defence, emergency service and commercial markets. Its business units are VT Aerospace, VT Critical Services, VT Land, VT Naval Support, VT Nuclear Services and VT Environmental Engineering.
New Zealand Marine & Military Contractor. A Joint venture between Fitzroy Marine & VT Group PLC.
Predominantly based at Daresbury, Sellafield and Quedgeley. Mostly made up from British Nuclear Group Project Services who were bought by VT Group in January 2007.