Vega Group Plc, which styles itself the software and systems engineering group, saw a 26% jump in pre-tax profits for the year to April 30 at #2.1m, on sales up 0% at #9.7m. The company, which specialises in defence and aerospace applications, reports new contracts from, and existing long-term contracts extended by, all its main customers including the European Space Agency, the UK Ministry of Defence, and the UK National Health Service. Early this year, it won #3m order against strong competition to develop a training system for the Royal Navy, and says the work helped to propel it to the forefront in the latest synthetic environment techniques, one of the key new technologies of the future. The Sea Harrier maintenance trainer has started well and Vega continues to win contracts in core space and aerospace markets as well as taking successfully our skills in to new areas, the company says, adding that it is particularly pleased at the success of its drive to direct its skills and experience at new sectors outside the space industry. It adds that it has significantly strengthened its cash position over the last year and is underpinned by a strong balance sheet.
