Babcock International Group PLC AGM trading update (9065N)
28 Septiembre 2023 - 1:00AM
UK Regulatory
TIDMBAB
RNS Number : 9065N
Babcock International Group PLC
28 September 2023
28 September 2023
Babcock International Group PLC
AGM trading update - strong start to the year, full year
expectations unchanged
Babcock International Group PLC ("Babcock" or "the Group")
provides a trading update for the first five months of the
financial year ahead of its Annual General Meeting to be held at
10.30 am today.
Trading has been encouraging since the start of the financial
year, with good organic revenue growth, improved operational
performance and higher cash flow compared to the same period in the
previous year.
Overall, including the impact of contract phasing in Marine and
further growth in Nuclear infrastructure programmes , organic
revenue growth is offsetting the impact of disposals in the prior
year.
Underlying operating profit increased year-on-year, driven by
revenue growth and continued operational improvement driving
underlying operating margin expansion. Operating profit also
benefitted from the earlier than anticipated receipt of initial
licence fees associated with the Polish MIECZNIK frigate programme.
Underlying operating cash flow in the period was higher than
expected, largely due to contract phasing.
Outlook
New programme wins, contract renewals and progress on the
Group's opportunity pipeline remain strong, supporting the Board's
unchanged expectations for another year of organic revenue growth,
further underlying margin expansion, improved free cash flow and
progress towards the Group's medium-term guidance.
For further information:
Andrew Gollan, Babcock Director of Investor Relations +44 (0)7936 039 004
Kate Hill, Babcock Group Director of Communications +44 (0)20 7355 5312
Olivia Peters / Harry Cameron, Teneo +44 (0)20 7353 4200
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END
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September 28, 2023 02:00 ET (06:00 GMT)
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