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VT Group
From Wikipedia, the free encyclopedia
| VT Group plc | |
|---|---|
 |
|
| Type | Public |
| Founded | 1966 |
| Headquarters | Southampton, United Kingdom |
| Key people | Paul Lester, CEO Mike Jeffries, Chairman |
| Industry | Support Services, Shipbuilding |
| Revenue | £1004.6 million [1] |
| Operating income | £74.2 million [1] |
| Employees | 12,900 |
| Subsidiaries | VT Communications VT Education and Skills VT Services Inc VT Shipbuilding VT Support Services Flagship Training Fleet Support Ltd |
| Website | www.vtplc.com |
VT Group plc is the British defence and services public limited company formerly known as Vosper Thornycroft. Founded by a merger between Vosper and Thornycroft in 1966, its original business was shipbuilding. It has since diversified into various engineering services.
VT Group is one of the world's largest warship manufacturers. Its military products and services include warships, logistics and training services. In 2005 military sales amounted to 80% of its total sales.
As of 2007 it had a turnover of £1004.6 million and employed approx. 13,000 people. It is listed on the London Stock Exchange (LSE:VTG.L) and is a constituent of the FTSE 250 Index.
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. Its headquarters are located in Hedge End, Hampshire.
VT Group is now involved in many areas of provision through five main operating groups: VT Communications, VT Education and Skills, VT Services Inc, VT Support Services and VT Shipbuilding. [2]
The company was formed by the merger of two shipbuilding companies Vosper Limited of Portsmouth and J I Thornycroft of Woolston, Southampton in 1966. The former in small boats and the latter with 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.
- ^ a b www.vtplc.com Preliminary Results for year ending 31 March 2007
- ^ VT Group plc, Annual Report and Accounts 2006, VT Group plc, 2006.
- http://www.vtplc.com/
- BAE Systems and VT abandon talks around potential Babcock bid Extract from Jane's Defence Industry, 11 May 2006
