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VT Group Plc Annual Report & Accounts 2008
Directors’ Report for the year ended 31 March 2008 The directors present their annual report and the audited financial statements for the year ended 31 March 2008.
Principal activities The principal activities of the Company and its subsidiaries are: • provision of critical communications services in the broadcast, defence, space, emergency services and security sectors worldwide
Research and development The Group continued to maintain its levels of research and development relating to composite materials, shipbuilding, broadcasting and waste recycling.
Directors The names of the current directors together with brief biographical details are shown on pages 38 and 39.
• provision of supporting services to schools, LEAs and Central Government, including careers guidance and provision of vocational work based training
Philip Harrison was appointed to the Board on 19 November 2007, Peter McIntosh on 22 January 2008 and Ian Tyler on 12 May 2008. Each offers himself for re-appointment at the forthcoming AGM.
• provision of base operations and facilities management activities, IT and communications installations and integration services, primarily for the US Department of Defense, operating across the US
Michael Jeffries and Chris Cundy retire by rotation and, being eligible, offer themselves for re-appointment.
• design and construction of advanced naval vessels for the Royal Navy and Navies worldwide, including the design and manufacture of high quality smaller craft and equipment for the marine, offshore and aerospace markets • provision of technical services, logistics and training for commercial customers and all three armed services in the UK and around the world. Activities include facilities management, operation and maintenance of assets, provision of specialist manpower and supply chain management Developments affecting the Group during the year and its prospects for the future are evaluated in the Chairman’s Statement and in the Business Review on pages 2 to 35.
Results and Dividends The Group profit for the year available to ordinary shareholders after tax amounted to £56,800,000 (2007: £44,430,000). The directors recommend the payment of a final dividend of 9.55p (2007: 8.6p) per ordinary share, amounting to £17,000,000 (2007: £15,092,000) which together with the interim dividend of 3.55p (2007: 3.25p) makes a total of 13.1p or £23,300,000 (2007: 11.85p or £20,786,000) for the year. If approved, the final dividend will be paid on 6 August 2008 to ordinary shareholders on the register at the close of business on 20 June 2008.
Each of Baroness Blackstone, Lord Boyce, David Barclay, Andrew Given and Ian Tyler has a service contract for a three year period but which may be terminated by either party on one months’ notice. Directors’ interests in the shares of the Company are disclosed in the Remuneration report on page 61.
Acquisitions and disposals On 18 December 2007 the Group purchased Advanced Engineering and Planning Corporation Inc (AEPCO) from its management for $70m. On 17 January 2008 the Group purchased the share capital of British Nuclear Group Project Services Limited from British Nuclear Group plc for £47.6m.
Fixed assets In the opinion of the directors, the market value of the Group’s properties at 31 March 2008 is not significantly different from the book value shown in the financial statements.
Equal opportunities All employment policies include a commitment to equal opportunities regardless of sex, race, colour, nationality, ethnic origin, religion, age or disability, subject only to considerations of national security. The Group’s policy is to provide, wherever possible, employment opportunities for disabled people and to ensure that disabled people joining the Group and employees who become disabled whilst in our employment benefit from training and career development opportunities.