Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email in the first instance.

 Information  X 
Enter a valid email address

Vosper Thornycroft (VSP)

  Print      Mail a friend

Tuesday 14 May, 2002

Vosper Thornycroft

Final Results - Part 2

Vosper Thornycroft Holdings PLC
14 May 2002

                        Vosper Thornycroft Holdings plc

              Preliminary Results for the Year Ended 31 March 2002

Vosper Thornycroft Holdings plc ('VT'), the support services, shipbuilding and
marine products group, announces preliminary results for the year ended 31 March

Financial Highlights                                              2002      2001

  • Turnover up 26% to                                           £479m     £379m

  • Operating profit pre goodwill amortisation up 14%           £34.1m    £29.8m

  • Profit before taxation and goodwill amortisation up 1.4%    £36.8m    £36.3m

  • Cash balances of                                              £71m     £115m

  • Order Book of                                               £1.5bn    £1.1bn

  • Dividend per share up 7.6% to                                39.0p    36.25p

Operational highlights

  • 6 acquisitions, strengthening our support services business, both in the
    civil and military sectors

  • 50% increase in turnover in support services business

  • agreement signed on the Type 45 project and clearing the way for
    investment in new shipbuilding facilities at Portsmouth

  • Contract awards since year-end of £500m.

Commenting on the results, Martin Jay, Chief Executive, said:

'The Group has performed strongly over the last year. We have in particular
continued to benefit from strong growth in our support services business, which
now accounts for two thirds of our total sales. We are confident of further
expansion in this area as the acquisitions we have made in the last year are
successfully integrated into the Group. Our two largest acquisitions - of
Griffin Services Inc and Merlin Communications International - have already won
their first contracts under VT ownership.

'I am also pleased that the long-term future of our shipbuilding business has
been secured. The investment we are making in a state-of-the art shipbuilding
facility at Portsmouth will create an important strategic asset for the company
and the country. Portsmouth will provide the perfect springboard from which to
win new RN, export and commercial orders to add to the Type 45 work. '

If approved, the final dividend will be paid on 7 August 2002 to shareholders on
the register on 28 June 2002.

Further copies of this announcement are available from the Secretary at the
Registered Office.

                                    - Ends -

For further enquiries:

Vosper Thornycroft Holdings plc

Martin Jay (Chief Executive)        0207 475 6139/1226

Chris Cundy (Finance Director)      Until12.00 and

Philip Rood, (Public Relations)     023 8042 6000 thereafter


For the year ended 31 March 2002
                                                                                                  2002             2001

                                                                                 £000             £000             £000

Turnover: Group and share of joint ventures                                                    478,953          378,523
Less: share of joint ventures' turnover                                                       (67,440)         (55,105)
Continuing operations
Ongoing                                                                       349,378                           323,418
Acquisitions                                                                   62,135                                 -

Group turnover                                                                                 411,513          323,418
Cost of sales                                                                                (352,684)        (275,116)

Gross profit                                                                                    58,829           48,302
Administrative expenses                                                                       (36,196)         (25,936)

Group operating profit
Continuing operations
Ongoing*                                                                       21,857                            24,965
Acquisitions*                                                                   6,173                                 -
Amortisation of goodwill                                                      (5,397)                           (2,599)
                                                                                                22,633           22,366
Share of operating profit in joint ventures                                                      6,062            4,863

Profit on ordinary activities before interest                                                   28,695           27,229
Net interest receivable - group                                                 2,297                             5,826
- joint ventures                                                                  446                               670
                                                                                                 2,743            6,496

Profit on ordinary activities before taxation                                                   31,438           33,725
Tax on profit on ordinary activities - group                                  (8,714)                           (9,214)
- joint ventures                                                              (1,999)                           (1,715)
                                                                                              (10,713)         (10,929)

Profit on ordinary activities after tax                                                         20,725           22,796
Equity minority interest                                                                       (1,402)            (996)

Profit for the financial year                                                                   19,323           21,800
Dividends                                                                                     (13,199)         (12,029)

Retained profit for the group and its share of joint                                             6,124            9,771

Earnings per share
Basic - before amortisation of goodwill                                                          73.8p            73.7p
Basic - after amortisation of goodwill                                                           57.7p            65.9p
Diluted - after amortisation of goodwill                                                         57.0p            65.2p

    All results arise from continuing operations.

No note of historical cost profits required by FRS3 has been presented since
reported profits do not materially differ from historical cost profits.

    * excludes amortisation of goodwill (£2,510,000 on acquisitions; £2,887,000
    on ongoing operations)


    At 31 March 2002

                                                                           2002                  2001

                                                                           £000                  £000

Fixed assets
Intangible assets
Goodwill                                                                174,414                 53,845

Tangible assets                                                         105,654                 47,944

Investments in joint ventures
Share of gross assets                                                   28,262                  27,404
Share of gross liabilities                                              (22,522)                (22,940)

                                                                        5,740                   4,464
Investment in own shares                                                1,266                   346

                                                                        287,074                 106,599

Current assets
Stocks                                                                  23,064                  17,350
Debtors                                                                 106,002                 64,224
Cash at bank and in hand                                                70,991                  115,518

                                                                        200,057                 197,092

Creditors -
amounts falling due within one year                                     (242,386)               (123,858)

Net current (liabilities)/assets                                        (42,329)                73,234

Total assets less current liabilities                                   244,745                 179,833
Creditors -
amounts falling due after more than one                                 (64,538)                (17,868)
Provisions for liabilities and charges                                  (23,156)                (21,086)

Net assets                                                              157,051                 140,879

Capital and reserves
Called up share capital                                                 8,502                   8,279
Share premium account                                                   21,388                  9,276
Profit and loss account                                                 123,100                 119,989

Equity shareholders' funds                                              152,990                 137,544
Equity minority interest                                                4,061                   3,335

                                                                        157,051                 140,879

For the year ended 31 March 2002
                                                                                    2002                     2001

                                                                                    £000                     £000

Cash flow from operating activities                                                 52,533                   6,343

Dividends received from joint ventures                                              3,812                    3,384

Returns on investments and servicing of finance                                     2,193                    5,280

Taxation                                                                            (3,661)                  (10,017)

Capital expenditure and financial investment                                        (39,112)                 (6,857)

Acquisitions                                                                        (90,025)                 (30,097)

Equity dividends paid                                                               (12,273)                 (11,318)

Cash outflow before use of liquid resources and                                     (86,533)                 (43,282)

Management of liquid resources                                                      26,391                   78,386

Financing                                                                           42,006                   3,247

(Decrease)/Increase in cash in year                                                 (18,136)                 38,351

For the year ended 31 March 2002
                                                                                           2002              2001

                                                                                           £000              £000

(Decrease)/Increase in cash in year                                                       (18,136)           38,351

Cash inflow from decrease in liquid resources                                             (26,391)           (78,386)

Movement in cash balances                                                                 (44,527)           (40,035)

Cash inflow from increase in debt                                                         (39,483)           (2,317)

Change in net debt resulting from cash flows                                              (84,010)           (42,352)

Loan notes issued                                                                         (39,249)           -

Movement in net debt in the year                                                          (123,259)          (42,352)

Net funds at 1 April                                                                      85,999             128,351

Net (debt)/funds at 31 March                                                              (37,260)           85,999

For the year ended 31 March 2002
                                                                                           2002              2001
                                                                                           £000              £000

Profit for the financial year                                                              19,323            21,800

Currency translation difference on foreign currency net                                    63                654

Total recognised gains and losses relating to the financial                                19,386            22,454

For the year ended 31 March 2002
                                                                                          2002                      2001

Group                                                                                     £000                      £000

Profit for the financial year                                                             19,323                  21,800

Dividends                                                                                 (13,199)              (12,029)

Retained profit for the year                                                              6,124                    9,771

Other recognised gains and losses relating to the year                                    63                         654

Movement on employee share ownership trust                                                (2,253)                      -

New share capital subscribed                                                              11,512                     930

Net addition to shareholders' funds                                                       15,446                  11,355

Opening shareholders' funds                                                               137,544                126,189

Closing shareholders' funds                                                               152,990                137,544


                          Support Services            Shipbuilding           Marine Products              Group
                         2002         2001         2002         2001        2002         2001        2002        2001
                         £000         £000         £000         £000        £000         £000        £000        £000

Sales to third
Group                 221,924      136,235    135,333        127,506      54,256       59,677    411,513      323,418
Share of joint         67,440       55,105    -                    -           -            -    67,440        55,105
                      289,364      191,340    135,333        127,506      54,256       59,677    478,953      378,523

Operating profit
Group                  14,389        8,182    10,926          11,828       3,465        4,039    28,780        24,049
Reorganisation              -            -    (750)                -                        -    (750)              -
Share of joint          6,062        4,863    -                    -           -            -    6,062          4,863
                       20,451       13,045    10,176          11,828       3,465        4,039    34,092        28,912

Goodwill              (4,540)      (1,961)    (221)              (8)       (636)        (630)    (5,397)      (2,599)
                       15,911       11,084    9,955           11,820       2,829        3,409    28,695        26,313

Property services                                                                                -                916

                                                                                                 28,695        27,229

Net interest                                                                                     2,743          6,496

Profit before                                                                                    31,438        33,725

Net assets
Segment net assets     13,879       11,899    108,860         98,637      28,572       25,879    151,311      136,415
Group share of the      5,740        4,464    -                    -           -            -    5,740          4,464
net assets of joint

Total net assets       19,619       16,363    108,860         98,637      28,572       25,879    157,051      140,879

    Property services represents income relating to the disposal of
    non-operational properties which cannot be directly allocated to business

    Support Services includes all activities connected with facilities
    management, training and education. Shipbuilding includes all activities in
    respect of designing and/or building ships and the equipping and/or
    supporting of company designed warships. Marine Products' activities
    includes the design and supply of electronic control systems, steering gear,
    stabilisers, bow thrusters, water jets, ride control equipment and the
    manufacture of engineering products.

    Support Services' and Marine Products' activities are not dependent on the
    group winning major ship orders.

                      This information is provided by RNS
            The company news service from the London Stock Exchange