Vosper Profits Up, Order Book Filling

Wednesday, May 17, 2000
UK shipbuilder Vosper Thornycroft Holdings Plc, reporting a three percent rise in annual profits, said it would soon have an order book in excess $1.5 billion.

Pre-tax profits before goodwill climbed to $53.7 million for the year to March 31, up from $52.6 million the year before, on turnover of $419.2 million.

The results reflected a successful diversification strategy, Vosper said, in reference to its expansion into new markets and reduced dependence on large - but infrequent - warship contracts.

Some 67 percent of its turnover is now unrelated to new ship contracts. In addition to building warships for the British Ministry of Defense, Vosper has developed a strong support services division, which now accounts for over 40 percent of group sales. Officials said sizeable long-term contracts had been secured in this division, and the company has been able to successfully transfer experience gained on military contracts to civil markets.

Vosper's shipbuilding division had also benefited from the award of some key contracts, notably a 200 million pound order to supply Fast Attack Craft to the Greek navy. It is building a series of surface warships for the Royal Navy, and earlier this month launched Triton, a warship.

Officials said the company's marine products business had been held back by tough market conditions over the year, but with recent repositioning, it should be among the first to benefit when conditions start to improve.

Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

US Navy: Future USS John Finn (DDG 113) Launched

The future USS John Finn (DDG 113) was launched at the Huntington Ingalls Industries (HII) shipyard March 28.  During launch the drydock was flooded allowing the

BMT Expands to Meet Increased Workload

BMT Nigel Gee (BMT), a subsidiary of BMT Group, has announced the completion of new offices in Southampton in order to meet a large increase in design work.   Operating

NYC Ferries: Gladding-Hearn Building Three New Vessels

Gladding-Hearn Shipbuilding, Duclos Corporation, has begun construction of the first of three new sightseeing vessels for Circle Line Sightseeing Cruises, Inc., in New York City.

Bulk Carrier Trends

Sea Star Continues Puerto Rico Investments

Sea Star Line, LLC has entered an agreement to on-hire another barge to add to its current service package for shipments from Jacksonville to Puerto Rico.   The

Rand Logistics Announces Debt Refinancing

Rand Logistics, Inc. announced today that it has closed a $170.0 million revolving loan facility which refinanced approximately $102.0 million of the company's

Baltic Sea Freight Index Edges Higher

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, edged higher on Monday as rates rose for vessels across all segments.

 
 
Maritime Contracts Maritime Standards Navigation Offshore Oil Pod Propulsion Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1059 sec (9 req/sec)