Britain's Vosper Thorneycroft Plc, posting a two percent rise in year profits, said its diversification strategy was bearing fruit, with 55 percent of operating profits coming from non-shipbuilding activities. "With a
strong order book and significant prospects across all divisions, we are well placed to continue to benefit from this strategy," Chief Executive Martin Jay said.
The group reported pre-tax profits before goodwill of 36.3 million pounds ($51.49 million) in the year to March 31, 2001, up from 35.5 million last year and just above market forecasts.
Shares in the group, which have outperformed the aerospace and defense sector by 22 percent in the past 12 months, were unchanged at 1,157-1/2 pence -- valuing it around 389 million pounds.
Vosper said a slide in shipbuilding operating profits -- from 18.5 million pounds to 11.8 million -- had been more than compensated for by growth in its support services and marine products divisions. - (Reuters)