VT: Business is Profitable
May 14, 2002
It appears that the trend toward consolidation and acquisition can be profitable, at least in the case of British shipbuilder Vosper Thornycroft Holdings Plc, which reported to a wire service today that it expects revenue and operating profits to rise by 15-20 percent in the current year, in large part due to acquisitions.
The company reportedly expects a rise in pre-tax profit in the year to March 31. U.S.-based Griffin Services Inc. -- a military facilities manager -- was among the company's six acquisitions last year.
In addition to financial news, the company said that Paul Lester, the group managing director of construction and infrastructure group Balfour Beatty Plc, would replace veteran Chief Executive Martin Jay on July 1.
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