Interim Results For The Half-Year Ended 30 September 2008

LONDON, November 11 /PRNewswire/ -- VT Group plc, the defence and support services company, today announces its interim results for the half-year ended 30 September 2008.

Results Summary - Continuing Operations:

(GBPm) 2008 2007 Change Revenue (excluding Joint Ventures) 538.4 496.2 +9% Group Turnover* 715.8 573.1 +25% Underlying Profit Before Taxation** 48.0 42.3 +13% Profit Before Taxation 131.4 34.2 +284% Underlying Earnings Per Share (p)*** 19.4 17.7 +10% Basic Earnings Per Share (p) 70.3 16.0 +339% Interim Dividend Per Share (p) 3.9 3.55 +10%

* Includes share of turnover from equity accounted joint ventures and associates

**Underlying Profit before taxation (and underlying operating profit also referred to in this statement) excludes intangible amortisation arising from business combinations (GBP10.9m; 2007: GBP4.1m), share of joint venture taxation (GBP2.9m; 2007: GBP4.0m), fair value gain arising on BVT option instrument (GBP1.9m; 2007: GBPnil) and exceptional items (GBP95.3m profit; 2007: GBPnil)

*** Before exceptional items, fair value movement on BVT option instrument and intangible amortisation arising from business combinations

On 1 July 2008 we contributed our naval shipbuilding and related support business to BVT Surface Fleet Limited, a joint venture with BAE Systems plc (the BVT Joint Venture) and now report our interest in the BVT Joint Venture (and our shipbuilding and related support business prior to the transaction) in a new segment, BVT Naval. Throughout this statement we refer to other segments collectively as Services businesses, which include VT Support Services, VT Communications, VT Education Skills and VT Services Inc..

These definitions apply throughout this statement

Highlights:

- Services businesses have achieved: - Organic revenue growth of 9% - 28% increase in underlying operating profit - 72% increase in order book to GBP4.6 billion - Further margin improvement to 4.6% in VT Services Inc - BVT Surface Fleet Limited Joint Venture established

VT Group Chairman Michael Jeffries commented: In the current difficult economic conditions our Services businesses continue to make good progress. The strength of the order book and the longevity of contracts provides us considerable protection from the current short term effect of the economic downturn.

The current Services businesses order book stands at GBP4.6 billion, which represents an increase of more than 70% compared to the corresponding period in 2007. In addition, our share of the order book of BVT Surface Fleet is GBP1.5 billion. This total order book of GBP6.1 billion provides the group with excellent visibility.

The performance of our Services businesses continues to show good growth, which we anticipate will deliver results ahead of our original expectations for the current full year.

The full year results for VT's 45% share of the newly formed BVT Surface Fleet will be determined by progress on integrating the contributed businesses and ongoing contract reviews by BVT.

Our strategy is to continue focusing on VT's core strengths by developing our engineering based Services businesses. The overall trading environment remains robust and continues to offer significant growth opportunities in our markets.

VT Group Financial Results

Underlying Trading

Group turnover, including the group's share of equity accounted investments, increased in the period by 25% to GBP715.8 million (2007: GBP573.1 million).

Group turnover of GBP516.0 million (2007: GBP409.8 million) was delivered by the Services businesses and GBP199.8 million (2007: GBP163.3 million) by the BVT Joint Venture. Organic growth in the Services businesses amounted to GBP35.3 million while acquisitions contributed GBP70.9 million, namely VT Aepco, VT Nuclear Services and VT Flagship.

The Group's order book, including our share of joint venture activities, grew to GBP6.1 billion (March 2008: GBP4.9 billion). Of this amount, GBP4.6 billion (March 2008: GBP4.0 billion) is derived from the Services businesses and GBP1.5 billion (March 2008: GBP0.9 billion) from the BVT Joint Venture.

Underlying group operating profit before net financing costs increased by 20% to GBP55.5 million (2007: GBP46.4 million), of which GBP43.8 million (2007: GBP34.2 million) arose from the Services businesses and GBP11.7 million (2007: GBP12.2 million) from the BVT Surface Fleet segment. Organic growth in the Services businesses amounted to GBP3.2 million and the balance of GBP6.4 million arose from acquisitions.

As noted in our pre-close statement issued on 30 September, there was a lower than anticipated profit contribution from BVT due to the late completion of the joint venture and slower progress on contracts. A full review of contracts is being undertaken by BVT. This may lead to lower profit recognition and/or additional charges arising in the second half of the year.

The Group's pension fund deficit under its defined benefit schemes increased to GBP49.0 million (March 2008: GBP9.7 million). This was primarily as a result of falls in asset values arising from market declines and actuarial losses from changes in market driven assumptions, offset by a section of the scheme being contributed to the BVT Joint Venture.

The amortisation charge in respect of intangible assets arising from business acquisitions increased to GBP10.9 million (2007: GBP4.1 million), as a result of the recent transactions.

Net financing costs for the period increased to GBP7.5 million (2007: GBP4.1 million), reflecting higher net debt arising from acquisition activity.

Underlying profit before taxation, increased by 13% to GBP48.0 million (2007: GBP42.3 million).

Reported profit before tax increased to GBP131.4 million (2007: GBP34.2 million), including exceptional income of GBP95.3 million, primarily in respect of the accounting gain arising from the assets contributed to the BVT Joint Venture.

The underlying effective tax rate excluding exceptional items and the movement in the fair value of the BVT option for the period increased to 27.0% (March 2008: 26.8%) as a result of changes in the mix of UK and international business. The underlying effective tax rate is calculated by including the Group's share of taxation from joint ventures within the tax charge rather than as a deduction from its share of attributable joint venture earnings. In addition there is a one-off charge of GBP6.6 million (including GBP4.6 million share of taxation attributable to joint venture earnings) associated with the UK Government's abolition of industrial buildings allowances, which is a non cash adjustment to deferred tax balances (or equity accounted investments) within the financial statements.

Exceptional Items

The results for the period include a number of non-recurring items, largely resulting from the formation of the BVT Joint Venture and the refocusing of the group on its Services businesses. These have been separately identified as exceptional items in order to provide greater visibility of the underlying results of the business which the Board believe to be a more meaningful indication of ongoing operational performance.

An analysis of the exceptional items is as follows:

GBPm Accounting gain on assets contributed to BVT Joint Venture 107.0 Profit arising from disposal of properties 4.5 Increase to provision relating to historic asbestos exposure (8.0) Integration and restructuring costs incurred in formation of BVT Joint Venture (net of JV tax) (1.3) Restructuring costs incurred within Services businesses (2.3) Joint venture tax - Industrial buildings allowance legislation change (4.6) Total pre-tax net exceptional gain 95.3

The accounting gain arises as a result of the formation of the BVT Joint Venture and reflects the difference between the carrying value of the assets contributed and the fair value of the assets received in exchange.

As a result of the formation of BVT, we have agreed that VT Group will remain responsible for all retrospective asbestos claims from VT employees. A reassessment of the provision for asbestos exposures has been made using specialist advisors with current assumptions in relation to recent claims experience and mortality data. The board has decided to increase this provision by GBP8.0 million.

The joint venture will incur costs in respect of integration and restructuring as the businesses of VT Group and BAE Systems are combined and scaled for the future delivery of efficient shipbuilding and support activities. In the period to September 2008 a total cost of GBP3.7 million has been incurred, and VT Group's share is GBP1.3 million net of JV tax. It is anticipated that additional integration and restructuring costs will be incurred by the joint venture in the second half of the year.

During the period, the group disposed of surplus properties for proceeds of GBP9.6 million in cash giving rise to a profit of GBP4.5 million.

Following the formation of the BVT Joint Venture, the group is reorganising the remaining Services activities. This includes the integration of VT Flagship into the group as well as restructuring in VT Nuclear Services which has resulted in restructuring costs of GBP2.3 million in the first-half of the year. Restructuring activity will continue in the second half of the year and will result in additional costs.

Cash and Net Debt

Operating cash flow of GBP26.2 million was generated from group operating profit excluding the accounting gain arising on assets transferred to the BVT joint venture of GBP31.9 million.

Net debt at 30 September amounted to GBP186.3 million (31 March 2008: GBP144.9 million). Net debt at 30 September includes GBP66.0 million (including accrued interest cost) in deferred consideration payable to BAE Systems plc in respect of the acquisition of its 50% holding in VT Flagship in July 2008.

The Group's principal source of funding is a GBP305 million revolving credit facility of which GBP120 million was utilised at 30 September 2008. GBP80 million of this facility is available to the Group until September 2009 with the remaining GBP225 million available until November 2011.

EPS and Dividend

Underlying earnings per share increased by 10% to 19.4p (2007: 17.7p). The Board has increased the interim dividend payable by 10% to 3.9p (2007: 3.55p). This interim dividend will be paid on Wednesday 14 January 2009 to shareholders on the register at Friday 21 November 2008.

Operating Review

VT Support Services

30 September 2008 2007 GBPm GBPm Group Turnover 194.0 136.8 Underlying Operating profit 18.5 14.4 Margin 9.5% 10.5%

VT Support Services (VTSS) has achieved strong growth in profits and revenues during the half-year compared to the first half of 2007 and has continued to add to its order book by securing several major projects and contract extensions.

VTSS' position as a leading provider of availability based support services to the UK Government has been consolidated by the successful start in April 2008 of the Training, Maintenance and Support Services (TMASS) contract for the British Army's gunnery and signals school at Bovington Garrison. Contract extensions have also been agreed with the Ministry of Defence for Royal Electrical and Mechanical Engineers training at Bordon and Arborfield.

VTSS has extended its role in military flying training through selection as preferred bidder for the Elementary Flying Training, University Air Squadron and Air Experience Flights programme - 60,000 flying hours per year with a total value of up to GBP150m over ten years. Contract signature is expected during the next few months for commencement of service provision in April 2009.

The first phase of our work on the Future Strategic Tanker Aircraft (FSTA) programme is near to completion. This consisted of moving and refurbishing operational facilities at RAF Brize Norton. On completion at the end of this month we will begin the main construction phase. Initial milestones have also been met by VT Communications (see section below).

Following contract signature for UKMFTS in June, Ascent (the joint venture with Lockheed Martin UK) is partnering with the MoD to design and implement a new training system for future pilots across all three services. This contract is estimated to be worth up to GBP6 billion to Ascent over its 25 year life (of which GBP221m is included in our order book) and work on the preliminary phase of the programme has commenced. VT has a 50% share in Ascent.

Sea King Integrated Operational Support (SKIOS) implementation has been successfully completed, with VTSS now maintaining the Sea King Search and Rescue fleet at seven locations across the UK.

VTSS' expertise in delivering critical support services to defence and other government bodies has been highlighted by our recent selection by the Department of Communities and Local Government to manage the national resilience fleet of 400 specialist emergency vehicles and equipment (New Dimensions). This capability is used by the Fire and Rescue Authorities to support national emergencies. Service provision for this 16 year programme, worth in excess of GBP100m, began in October.

In addition, VTSS has extended the scope of its work for the Metropolitan Police to include the specialist vehicle fleet used for tactical support in the Greater London area.

VTSS' Airside operation has seen expansion through the provision of additional services in support of British Airways' transition to Terminal 5 and through selection as preferred bidder in support of BAA's equipment availability at Edinburgh Airport.

Following our selection as preferred bidder to design, build, finance and operate waste management and recycling facilities for Wakefield Metropolitan District Council, we anticipate contract signature before the end of our financial year. An office has been opened in Wakefield and the team to deliver initial services has also been established. This Private Finance Initiative (PFI) is valued at more than GBP700 million over a 25 year period.

In addition, we have acquired Estech Europe Limited, a company which holds the technology rights and significant engineering experience for the waste management autoclave solution being used by VT in Wakefield. The acquisition, made from ReEnergy Group plc for a consideration of GBP1.8 million, will complement and expand our technical knowledge in the waste to energy market.

We still expect the nuclear market to remain flat in the short term. We continue to position the business to benefit from the anticipated market growth in the medium to long term as the need for de-commissioning increases and the nuclear new build programme is implemented.

VT Nuclear Services (VTNS) has made good strategic progress over the past six months in positioning the business for this growth as it expands into new areas such as support to operational reactors and new nuclear build. In operational support, VTNS has signed a Technology Services Agreement with British Energy to support its reactor fleet, thus accessing a considerable market with well established players.

In new build, VTNS has bid with a major international contractor in support of the managing agent role for a new nuclear power programme overseas.

We continue to take further action to reduce costs in this business and create a cost structure that will enable it to compete more effectively in these market conditions.

The Deva manufacturing business which manufactures nuclear waste storage drums and which was acquired as part of VTNS has suffered reduced demand for its products from the Sellafield site. We are currently undertaking a review of this part of the business which will be completed during the second half of the financial year.

VT Communications

30 September 2008 2007 GBPm GBPm Group Turnover 53.1 52.2 Underlying Operating profit 8.8 8.3 Margin 16.6% 15.9%

VT Communications (VTC) saw a modest increase in both revenues and profit in the first half of 2008 compared with the corresponding period in 2007 and has signed new orders totalling over GBP20m so far in the year.

The first major project milestone for VTC's participation in the FSTA Programme has been successfully completed with the Preliminary Design Review (PDR) of the information systems delivered to the customer on time.

VTC has further enhanced its presence in the field of electronic navigation through its relationship with the General Lighthouse Authorities (GLAs), recently securing a GBP4m contract for the replacement of the public marine Differential GPS (DGPS) System. The contract will see VT Communications install new DGPS equipment at 14 sites by 2010 and provide on-going support over ten years.

Further progress has been achieved in the UK defence sector with the signing of a GBP2.6m five year contract with the Ministry of Defence (MOD) for the repair, overhaul and upgrade of Electronic Warfare Training Equipment at RAF Spadeadam, Cumbria. This equipment plays an integral part in the electronic warfare training of all three armed forces. The contract builds on VTC's capability to deliver solutions across the Radio Frequency (RF) spectrum.

VT Education and Skills

30 September 2008 2007 GBPm GBPm Group Turnover 122.3 88.5 Underlying Operating profit 9.8 7.5 Margin 8.0% 8.5%

VT Education and Skills (VTES) assumed operational responsibility for VT Flagship (previously Flagship Training Limited) on 1 July, following the acquisition of BAE Systems' 50% shareholding. The business has several naval training contracts but also provides vocational training that is complementary to the services already offered within the division. We are integrating all our training businesses and restructuring activity will continue in the second half of the year.

We have won a four-year nationwide contract to train the Royal National Lifeboat Institution's (RNLI) maintenance technicians and have successfully started delivery of a GBP10 million technician training programme for British Energy's apprentices. Our contract to train all VW apprentices across the country is now fully operational and running well.

These contracts extend our penetration of the engineering and technical training sector which we see as a key growth area. The VTES business is now the largest supplier of apprenticeship training in the UK and therefore at the forefront of the Government's Skills Agenda.

We also achieved good growth in our education business during the period, driven by the Waltham Forest School Improvement programme. Services to Local Authorities continue to grow and further opportunities are being pursued.

Within Careers we continue to see the market decline as Local Authorities in-source their career activities.

The Building Schools for the Future contracts continue to progress in Greenwich and Lewisham with phase one delivery completed in Lewisham on programme and financial close of the first schools in Greenwich expected later this financial year.

VTES has been named as preferred bidder for a three year multi-activity contract at the Defence College of Aeronautical Engineering (DCAE), Cosford. Valued at GBP13 million, this is a key support services contract for the RAF and recognises the capabilities existing in the business to support and develop efficient training estates.

VT Services Inc.

30 September 2008 2007 GBPm GBPm Group Turnover 146.6 132.3 Underlying Operating profit 6.7 4.0 Margin 4.6% 3.0%

In the United States, we have continued to improve margins which averaged 4.6 per cent (2007 3.0 per cent) over the first six months of the year. VT Aepco has benefited from a steady increase in task orders on its US Army Aviation and Missile Life Cycle Management Command (AMCOM) Express contract, including support of the Army Material Command (AMC) move to Redstone Arsenal in Alabama. This has contributed to the improvement in first half margins.

VT Milcom is meeting all the key requirements of its C4ISR (Command, Control, Communications, Computers, Intelligence, Surveillance and Reconnaissance) performance based contract with the Space and Naval Warfare (SPAWAR) Center in Charleston. This contract extends for up to five years and the third option year, worth around $120m, has now been confirmed.

VT Griffin has won a multiple award construction contract from the U.S. Army Engineering and Support Center to carry out repair and renewal work at military installations throughout the country. The contract is for a period of up to five years and is valued over that period at up to $100 million.

The business has also achieved contract extensions at NASA's Wallops Island facility, US Army bases at Fort Stewart (Georgia), Fort Sill (Oklahoma) and Fort Huachuca (Arizona).

BVT Surface Fleet

30 September 2008 2007 GBPm GBPm Group Turnover 199.8 163.3 Underlying Operating profit 11.7 12.2 Margin 5.6% 7.5%

The shipbuilding and naval support joint venture BVT Surface Fleet Ltd, was successfully formed on 1 July. The combining of these businesses offers opportunities for operational efficiencies and improved competiveness. This is targeted to deliver in excess of GBP700 million cost savings over 15 years to be shared 70/30 between MOD and the joint venture. The initial phase of integration and restructuring activity is in progress and will continue into the second half of the year.

In export work, BVT has signed a contract worth EUR150 million to support the construction of two additional fast attack craft for the Hellenic Navy, working with its partner in Greece.

Principal Risks and Uncertainties

The Board consider the principal risks and uncertainties facing the Group during the second half of the year to be as follows:

The Group is always susceptible to changes in government policy, budget allocations and the changing political environment. These could affect the timing of the signing of the contracts the Group expects during the second half of the year.

The current economic climate and resulting turmoil in the financial markets has led to tighter lending criteria being implemented by the financial institutions that may restrict business operations or increase costs of borrowing. As outlined above, VT Group has committed facilities available until November 2011, of which considerable headroom remains un-drawn.

This tightening in the financial markets may also lead to delays in achieving financial close for PFI contracts. For example, VT Group is currently in the latter stages of negotiation on the Wakefield waste processing facility and current indications are that the relevant financing will be concluded early in the next calendar year.

The broadcast business within VT Communications is a large user of energy which may be affected by volatile energy prices. The business is, to a large degree, insulated from the effects of volatile energy prices in the period due to long term energy contracts that are in place to the end of the fiscal year.

The recent US presidential election may lead to a change in spending priorities, with a risk that defence allocations are reduced in favour of other needs. However, given the nature of the groups business we do not anticipate any material effect from such a change.

Detailed contract reviews are being carried out by the BVT Joint Venture management post formation of the joint venture that may lead to lower profit recognition and /or additional charges arising in the second half of the year.

A fuller description of the principal risks and uncertainties facing the Group and the actions being taken to mitigate these is set out on pages 47 and 48 of the Annual Report and Accounts 2008.

Prospects

VT continues to focus on its core strengths in developing its engineering-based Services businesses and the current order book stands at GBP4.6 billion. This represents an increase of more than 70 per cent compared to the corresponding period in 2007. In addition, our share of the order book of BVT Surface Fleet is GBP1.5 billion.

Our Services businesses continue to make good progress with several opportunities for extending existing contracts and achieving further organic growth.

Our developing waste management business has established the appropriate level of resource to achieve our objectives. With landfill options for local authorities becoming more expensive, several significant PFI projects have been identified which will reach preferred bidder stage in the next eighteen months.

From an original field of four, AirKnight, the Joint Venture partnership between VT and Lockheed Martin, is now one of two remaining bidders competing for the UK's multi-billion pound SAR-H search and rescue helicopter requirement. A preferred bidder is expected to be announced in 2009.

We continue to work with the MoD on the multi-billion pound Whole Fleet Management (WFM) programme opportunity, which will cover the maintenance and support of some 80,000 vehicles, ranging from Land Rovers to tanks, used for operational and training purposes.

We are also progressing on the initial customer dialogue with the MOD on the competitive tender for the Joint Military Air Traffic Services (JMATS) programme valued in the region of GBP1 billion over its contract life.

In shipbuilding, the BVT Joint Venture is continuing to pursue multiple opportunities overseas.

Outlook

Performance of our Services businesses continues to show good growth, which we anticipate will deliver results for those businesses ahead of our original expectations for the current full year. The full year results for VT's 45% share of the newly formed BVT Surface Fleet will be determined by progress on integrating the contributed businesses and ongoing contract reviews by BVT.

CONDENSED CONSOLIDATED INCOME STATEMENT for the six months ended 30 September 2008 Unaudited Audited 6 months Year ended ended 30 31 Note 6 months ended 30 September September March 2008 2007 2008 Result before exceptional Exceptional items items (note 3) Total GBPm GBPm GBPm GBPm GBPm Combined sales of Group and equity accounted investments 715.8 - 715.8 573.1 1,201.0 Less: share of equity accounted investments (177.4) - (177.4) (76.9) (181.0) Revenue 2 538.4 - 538.4 496.2 1,020.0 Cost of sales (442.4) - (442.4) (420.2) (856.2) Gross profit 96.0 - 96.0 76.0 163.8 Administrative expenses (62.0) (10.3) (72.3) (46.0) (100.7) Profit arising from disposal of properties 3 - 4.5 4.5 - - Other operating gain (movement in fair value of BVT put option) 1.9 - 1.9 - - Accounting gain on assets contributed to BVT Joint Venture 3/14 - 107.0 107.0 - - Group operating profit 35.9 101.2 137.1 30.0 63.1 Share of results of equity accounted investments 7 7.7 (5.9) 1.8 8.3 18.1 Operating profit before amortisation of intangible assets arising from business combinations and taxation expense of equity accounted investments 2 55.5 (7.5) 48.0 46.4 99.0 Amortisation of intangible assets arising from business combinations (10.9) - (10.9) (4.1) (9.9) Taxation expense of equity accounted investments (2.9) (4.2) (7.1) (4.0) (7.9) Other operating gain (movement in fair value of BVT put option) 1.9 - 1.9 - - Accounting gain on assets contributed to 3/14 BVT Joint Venture - 107.0 107.0 - - Operating profit 43.6 95.3 138.9 38.3 81.2 Financial income 4.2 - 4.2 2.4 6.1 Financial expense (11.7) - (11.7) (6.5) (16.0) Net financing costs (7.5) - (7.5) (4.1) (9.9) Profit before tax 36.1 95.3 131.4 34.2 71.3 Income tax expense 5 (7.1) 0.8 (6.3) (5.5) (13.3) Profit after tax 29.0 96.1 125.1 28.7 58.0 Attributable to: Equity holders of the parent 28.4 96.1 124.5 28.2 56.8 Minority interest 0.6 - 0.6 0.5 1.2 Earnings per share (p) Total: Basic 4 70.3p 16.0p 32.2p Diluted 4 68.6p 15.7p 31.4p CONDENSED CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE for the six months ended 30 September 2008 Unaudited Audited Note 6 months 6 months Year ended ended ended 30 30 31 September September March 2008 2007 2008 GBPm GBPm GBPm Profit for the period 125.1 28.7 58.0 Other recognised income and expense for period Exchange differences on retranslation of foreign operations 3.4 (1.2) 0.5 Derivative financial instruments - effective cash flow hedges 0.1 - (1.4) Actuarial (loss) / gain arising on Group pension obligations 10 (62.6) 18.9 22.1 Gain on revaluation of interest in VT Flagship Limited (net of deferred tax) 14 35.1 - - Current tax on items taken directly to equity - - 2.8 Deferred tax on items taken directly to equity 16.0 (5.7) (4.1) (8.0) 12.0 19.9 Actuarial (loss) / gain on share of joint venture and associate pension obligations 7 (4.1) 2.1 (1.5) Tax on gain on share of joint venture and associate pension obligations 7 1.4 (0.6) 0.4 Effective cash flow hedges - net of deferred tax 7 0.6 - (0.3) Net income recognised directly in equity (10.1) 13.5 18.5 Total recognised income and expense for the period 115.0 42.2 76.5 Attributable to: Equity holders of the parent 12 114.4 41.2 74.4 Minority interest 0.6 1.0 2.1 Total recognised income and expense 115.0 42.2 76.5

Notes to Editors

1) VT Group is a defence and support services company. Customers include government agencies and businesses worldwide. VT Group employs some 16,000 people and has its Headquarters in Southampton, UK. It comprises four engineering-based support businesses operating from various locations primarily in the UK, USA and Middle East. VT is also a Joint Venture partner with BAE Systems in BVT Surface Fleet Limited, which includes its shipbuilding and naval support businesses.

2) For the year ended 31 March 2008 VT Group reported turnover of GBP1,201 million (2007:GBP1,005 million) and Group Underlying Profit Before Tax of GBP89.1 million (2007:GBP74.2 million). The order book was around GBP4.9 billion as of the end of March 2008.

3) VT Group's support businesses consist of four divisions: VT Communications, VT Education Skills, VT Support Services and VT Services Inc.

* VT Communications supplies critical communication and broadcast services to commercial and military customers;

* VT Education and Skills is the biggest provider of education services and training in the UK, working for defence and non- defence customers;

* VT Services Inc. carries out technical and other support for the US military and other customers;

* VT Support Services' activities include technical services, logistics, training and asset provision for all three Armed Services in the UK and for Armed Forces around the world. In addition, VT has businesses in nuclear services and waste-to-energy management.

4) Through BVT Surface Fleet Limited, VT Group's shipbuilding operations comprise the design, construction and support of naval ships of all types, ranging in size from the Royal Navy's latest aircraft carriers to small craft. The business is a leading exporter of naval vessels and employs over 7,000 people, with a turnover approaching GBP1 billion.

5) Further information about VT Group, its services and products can be found at http://www.vtplc.com.

For further enquiries: VT Group plc Paul Lester (Chief Executive) - +44(0)1489-775211 Phil Rood, Head of Media Relations - +44(0)7941-164-756 Ginny Pulbrook, CDR - +44(0)20-7282-2945

For further enquiries: VT Group plc, Paul Lester (Chief Executive) - +44(0)1489-775211; Phil Rood, Head of Media Relations - +44(0)7941-164-756; Ginny Pulbrook, CDR - +44(0)20-7282-2945

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