17 Nov 09. VT Group plc, the support services company, today announces its half year results for the six months ended 30 September 2009.
Financial highlights – continuing operations
2009£m 2008£m Change
(excluding JVs) 574.1 456.5 +26%
Group Turnover* 601.1 513.7 +17%
Taxation 32.8 21.5 +53%
(p)*** 17.6 15.2 +16%
Cash Conversion****88% 125%
Basic EPS (p) 13.0 8.7 +49%
Interim Dividend(p) 4.3 3.9 +10%
*Includes share of turnover from equity accounted joint ventures and associates.
**** Underlying operating cash as a percentage of underlying operating profit. Advantage of increased Government outsourcing Strong cash conversion together with cash proceeds from BVT leaves the Group with balance sheet strength from which to drive further growth. Reorganisation programme well underway and on track to deliver the expected cost savings of £7m net per annum. Move to FTSE Business Support Services sub-sector in December 2009. Outlook VT Group CEO Paul Lester said: “Our strong first half performance and our focus as a support services business puts the Group on the threshold of an exciting new era as we prepare to celebrate our 150th anniversary in 2010. With greater pressure on Government budgets, we believe that opportunities in outsourcing will increase. We are well placed to take advantage of this by maintaining our success in existing markets and by broadening our service offering to our current customer base. In addition, the cash from the sale of our shareholding in BVT Surface Fleet provides us with the financial resources to acquire further support services businesses. The combination of these opportunities and the visibility of our future order book, means that the Board remains confident about VT’s short and longer-term prospects.”
18 Nov 09. Stork Aerospace becomes Fokker Aerospace Group. Ninety years after Anthony Fokker started the ‘Nederlandsche Vliegtuigenfabriek’ Dutch aircraft factory), the market presence of the unique Fokker name and brand will be further strengthened. From today the group name Stork Aerospace will be changed to ‘Fokker Aerospace Group’. All the individual companies in the group will from January 2010 also carry the Fokker name. This decision has been taken because the Fokker name is regarded in the international aerospace market as an extremely strong brand, and one that is inseparably linked around the world with aviation, aircraft building, constant innovation and entrepreneurship. The brand’s 90th anniversary is an excellent opportunity to make even better use of its unique image for the positioning of the companies. This strong, clear brand name will make a major contribution to that aim. The Fokker companies in Papendrecht and Hoogeveen will be called Fokker Aerostructures from 1 January 2010. Fokker Aircraft Services, Fokker Elmo and Fokker Services already carry the Fokker name. The companies will remain part of and owned by Stork; there are no changes in the legal structure. With 3700 employees, the Fokker Aerospace Group holds a prominent position in the aviation industry as a leading player in the market for Electrical systems, Aerostructures, Aircraft maintenance and Technical & Supply Chain Management Services. (Source: ASD Network)
09 Nov 09. Inmarsat Holdings Limited, a wholly-owned subsidiary of Inmarsat plc (LSE: ISAT), the leading provider of global mobile satellite communications services, today reported unaudited consolidated financial results for the 3 months ended 30 September 2009. A copy of the financial reports for both Inmarsat Holdings Limited and Inmarsat Group Limited for the third quarter can be accessed via the investor relations section of our website. Copies of these financial reports will also be furnish