25th May 2016 06:23
LONDON (Alliance News) - Babcock International Group PLC on Wednesday said profit and revenue grew in the year to the end of March, and the defence and engineering support services company said it is confident on its outlook for the new year.
FTSE 100-listed Babcock said its pretax profit for the financial year to March 31 was GBP330.1 million, up 5.0% on the GBP313.1 million the group made a year earlier.
Revenue grew to GBP4.16 billion, up 4.0% year-on-year from GBP4.0 billion, as the group's order book remained flat at GBP20.0 billion. Babcock said it has secured 78% of its projected revenue for the 2017 financial year and said its current pipeline of opportunities is valued at GBP10.5 billion.
Babcock said the market dynamics for outsourcing remain positive in the UK and internationally and said its performance had been boosted by its Mission Critical Services arm, which comprises the Avincis helicopter business acquired in 2014.
Babcock will pay a final dividend of 19.75 pence for financial 2016, up from 18.1p, meaning its total payout rises to 25.8p from 23.6p.
"We end the year well positioned for future growth in our key markets both in the UK and internationally, where we have had some early successes in securing new opportunities through leveraging the platform provided by the Avincis acquisition. Our confidence is underpinned by the clear visibility provided by our impressive order book and bidding pipeline. As a result, we expect to make further progress this year and beyond," said Chief Executive Peter Rogers, who will leave in September and be replaced by Archie Bethel.
By Sam Unsted; [email protected]; @SamUAtAlliance
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