Vega Group Plc has reported its third successive year of profit and turnover growth since flotation. The all-action Harpenden, Hertfordshire software and systems engineering company has completed its work on the Sea Harrier Maintenance Trainer project – the ultimate vertical market – and it is now in use with the Royal Navy. The other two emulation projects for the Royal Air Force, the Trade Group 3 Systems and Equipment emulator and Avionics Systems Trainer are on schedule for delivery in mid-1996 and later this year respectively. Pre-tax profits rose 36% to ú2.9m from turnover up 29% at ú12.5m. During the year new contracts and extensions have been won worth more than ú9m over the next two years, said the company. The European Space Agency – Vega’s largest customer – extended the company’s contract on the Infra-Red Space Observatory until 1997. Vega’s engineers also provided support for the agency’s launch of its remote sensing satellite, ERS2. Two further satellite launches are planned this year, with which Vega will be involved. The Ministry of Defence awarded the company a two-year consultancy contract for the Battlefield Command Systems Project Office, as well as a six month feasibility study for the NATO Allied Rapid Reaction Corps. It continues to generate healthy amounts of cash, and had ú2.5m in the bank at the year-end. Vega pays a final 2.8 pence dividend, giving a total for the year of 4.2 pence, up 28%.
