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Vosper Thornycroft (VSP)

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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
2002.

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



CONSOLIDATED PROFIT AND LOSS ACCOUNT

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
ventures

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)





    BALANCE SHEET

    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)
year
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




CONSOLIDATED CASH FLOW STATEMENT
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)
financing

Management of liquid resources                                                      26,391                   78,386

Financing                                                                           42,006                   3,247

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



RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
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





CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
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
investments

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



RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
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
(net)

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




ANALYSIS OF BUSINESS SEGMENTS

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

Turnover
Sales to third
parties
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
ventures
                      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)              -
costs
Share of joint          6,062        4,863    -                    -           -            -    6,062          4,863
ventures
                       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)
amortisation
                       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
taxation

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
ventures

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
    segments.

    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