VT sell-off to bring in £300m warchest

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Analysts are expecting VT to announce it wants to cash in its 45% stake in its BVT shipbuilding joint venture with BAE Systems, signed last year after years of pressure on the Ministry of Defence to push through consolidation in the industry.

VT has from next July the right to exercise a put option which would see BAE buy out VT's stake.

VT's boss Paul Lester is thought to be keen to cash in the stake and use the money to acquire businesses on the cheap in the outsourced and managed services industries.

The BVT stake would raise £300 million of cash for VT's other businesses which range from military support interests to managing vehicle fleets for the likes of the Metropolitan Police.

Underlying profits in the half year to the end of September period came in 13% better at £48 million on the back of a 72% leap to £4.6 billion in its service businesses order book boosted by big MoD contracts.