The VT Group & Airwork Limited in Oman Those, who move in business and defence circles, might be forgiven for associating the name Vosper Thornycroft solely with ships and marine systems. In fact, there have been many changes to Vosper Thornycroft over the last few years. This article tells some of the story behind this evolution. It also describes the core business strengths of the recently rebranded and very different and dynamic company - The VT Group plc - and where they could apply to the Sultanate of Oman today. Vosper Thornycroft Over a decade ago, the Vosper Thornycroft Board of the day very wisely saw a business platform, based essentially on shipbuilding, as high risk; so the decision was taken to diversify into Support Services. That resolve, through dedication and endeavour, has resulted in a situation today where 60% of the Group's profit and turnover are derived from that sector. The Company is now primarily a Support Services provider, who has recognised the benefits of partnering to expand business to mutual advantage. A number of business areas, both in marine activities, training and technical services, are now managed by joint venture partnerships. Support Services The Group's Support Services are contained in 3 generic areas: Education, Training and Technical Services - with a good balance between military and civil customers. Recent acquisitions have been carefully selected to give our Customers a wider, more comprehensive and better value for money service. One of Vosper Thornycroft's more significant Services acquisitions - of special relevance to the Middle East and Gulf region - was Airwork Limited together with its majority shareholding in an Omani company, Airwork Technical Services and Partners LLC. Airwork has been especially privileged to serve The Sultan of Oman's Armed Forces continuously since 1959. With the VT Group's new and more comprehensive strengths in education and training, so vital at this stage of the Nation's Renaissance, it is hoped that our future contribution to the Omanisation programmes may be broadened and increased. The Company's UK and Gulf area experience in the following business areas could well be of special relevance: • Careers' Management and Schools Careers Guidance. • Education Consultancy and Schools Inspection. • Management/operation of educational or training establishments. In all these specialist areas, the VT Group currently hold a significant market share in the UK. The Company's overall understanding, experience and management, in both academic and vocational fields, hold it in good stead to provide most valuable support to government and private sector establishments alike. Shipbuilding and Marine Products The notable success in the Support Services sector has not, however, had any adverse impact on the Shipbuilding business; in fact the reverse is true. A year ago the short term future of shipbuilding was secured by the contract to supply the British Royal Navy with three Future Offshore Patrol Vessels and this year, the longer term future has been assured by the signing of a legally binding agreement covering VT's role in the production of the first six of the RN's Type 45 Frigates. This agreement has allowed the Company to commence the construction of a new state-of-the-art build facility. The Shipbuilding Division can look forward to the future with more confidence than for many years. Over the past two decades, Vosper Thornycroft has supplied four Patrol Craft and two Corvettes to the Royal Navy of Oman (RNO) and the company continue to support these vessels through the provision of logistics services. The VT Group now aspire to continue this long association with ships to meet the ever increasing pressures on Oman to protect her Economic Exclusion Zone (EEZ). Company Overview In the financial turmoil of world markets over the last year, Vosper Thornycroft has been conspicuous in its success, which is born out by the published results of the 2001/2002 financial year. In this period, the Company's turnover increased by PSG 100M , or 26%, and its profit by 1.4%, enabling the Board to offer a dividend per share of 27.75p per share - an increase of 7.6%. The Company has a clear vision and new governance, which is well placed to meet the challenges of its current order book of more than # 1.5 billion.
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