For many years the band's lead singer and principal songwriter Peter Hammill had rejected the idea of a VdGG reunion, but in 2004 (following two one-off, unannounced reunions at Hammill concerts), work began on an official reunion album. Present was the result. It consists of one disc of songs (plus an instrumental, "Boleas Panic"), and one disc of studio improvisations. The band had always improvised in the studio throughout their history, but never before (excepting the bootleg-quality Time Vaults), had these improvisations been officially released.
In 2005, the band embarked on a successful reunion tour. Only two songs from Present, however, were played on the tour: "Every Bloody Emperor" and "Nutter Alert".