Southampton's government support services and shipbuilding group, Vosper Thornycroft (VT) has seen profits and turnover increase against the background of a growing order book.

The preliminary results for the last 12 months, ending March 31 this year, are released at a hectic time for the VT group as they re-locate ship construction facilities away from its long established Southampton base at Woolston to a new, purpose built complex at Portsmouth ready for the start of production for the new Type 45 destroyer for the Royal Navy.

At the same time VT believe it is well placed to secure a significant share of the contract to design, build and support the two new aircvraft carriers for the Ministry of Defence.

Profits are up 11 per cent to £41.5m compared to £37.5m before while turnover grew by 18 per cent to £565m and VT's order book has seen a major boost of 33 per cent to £2billion.

VT's chief executive, Paul Lester, said: "The business has performed well over the last year and is in line with our expectations.

"With this background, plus our substantial order book and the investment we are making in our new shipbuilding facilities and Public Finance Initiative contracts, the company is well placed to meet the demanding target of double digit profit growth over the next two years.''

The figures are also the first set of annual results the group has issued with Martin Jay as chairman.

"I am delighted to be able to report that the business is in good shape," said Mr Jay.

"This represents a strong performance against a backgound of general stock market volatility and some economic uncertainty, and reflects the long-term nature of the business we are concentrating on."

Last March VT reached an agreement with the South East Development Agency for the sale of the Woolston shipyard for a total of £15m.

"I should also note that during the recent action in the Gulf equipment supplied by VT performed well,'' said Mr Jay.

"Indeed the VT built minehunter, HMS Sandown was the first coalition vessel into the Iraqi port of Um Qasar, playing a major role in the mine clearance operation in the Shatt al Arab waterway that made possible the flow of humanitarian aid."