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Annual Results

Babcock hikes divi as revenues and profits rise

24 May 2017 07:31

Babcock International's pre-tax profits rose to £362.1m in the year to the end of March - 9.7% up on last time.

Revenues were 9.3% up at £4,547.1m and operating profits rose by 2% to £359.6m.

On an underlying basis, pre-tax profit was up 7.6% at £494.8m and operating profits rose by 6.5% to £574.8m.

The order book stood at £19.0bn at the year end - down from £20bn last time.

The group declared a full year dividend of 28.15p - up 9.1%.

Chief executive Archie Bethel said: "Babcock continued its strong track record of growth last year.

"We increased revenues, profits, earnings per share and cash conversion, reduced net debt and are again delivering an increased dividend payment. Our success is powered by Babcock's distinctive position as an engineering group dedicated to providing critical services for major public and private sector customers.

"We are focused on being the experts in our chosen sectors, with a combination of deep technical skills, unique infrastructure and strong long-term relationships which set us apart.

"During the year, we took important steps that further strengthen our platform for future growth. Internationally, we made significant breakthroughs in winning business from the French Ministry of Defence and becoming the first non-US company to win important business on an American nuclear submarine programme.

"Internally, we realigned our business around the four key sectors where we operate, sharpening our focus and bringing ourselves even closer to our customers and markets. "Our long-term contracts continue to provide us with excellent visibility of future revenues, and we have three-quarters of expected sales already in place for the current year.

"With our combined order book and near-term bid pipeline of almost £30 billion and our healthy tracking pipeline, we expect to continue to generate sustainable growth this year and over the medium term."

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