21st Jul 2016 06:41
LONDON (Alliance News) - Defence support services company Babcock International Group PLC on Thursday said its new financial year has started well, and it continues to have confidence in the fundamentals of its business post-Brexit.
The FTSE 100-listed group said its current financial year to the end of March 2017 has been in line with its expectations so far, with good demand for its critical services operations in the UK and overseas and with progress made on business development activity in key markets.
Babcock said its order book and bid pipeline have remained stable since it published annual results in May. It said around 85% of its projected revenue for the current financial year is now in place, along with 56% for the following financial year.
Though too early to forecast the impact Brexit will have on the wider UK economy, Babcock said its long-term fundamentals of its business are unchanged, and it remains confident on the outlook for the current financial year and the next.
By Sam Unsted; [email protected]; @SamUAtAlliance
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