Engineering giant Babcock has posted a 20% jump in profit with revenue also up 10% to 拢3.55bn

Reporting its results for the year to 31 March 2014, Babcock reported revenue of 拢3.55bn, up 10% on 拢3.24bn the previous year, with pre-tax profit rising 20% to 拢219m, up from 拢182m the previous year.

Group operating profit rose 12% to 拢317m. But after stripping out 拢59m in finance costs and 拢24.9m in exceptional items, including 拢14.5m on reorganisation costs, operating profit stood at 拢233m, although this was still up 15% on the previous year.

The results come on the back of a strong order book and a bid pipeline of 拢17.5bn - up 拢2bn from 2013.

Babcock鈥檚 order book stood at 拢11.5bn, down 拢500m from 2012/13.

In April, Babcock was confirmed as the preferred bidder for a 拢200m track renewal contract for Network Rail, while in March a joint venture between Babcock and Fluor won a 拢7bn contract to manage the decommissioning at the Magnox nuclear sites at Hinkley Point, Sizewell and Dungeness.

 Babcock chief executive Peter Rogers said: 鈥淥ur markets remain buoyant and we enter the new financial year with a powerful platform for further growth in the UK and overseas. 

鈥満蒙壬鶷V on the strong growth in revenue and earnings delivered in the 2013/14 financial year, the Board is confident the Group will continue to make further strong progress in the 2014/15 financial year.鈥�

 鈥淏abcock maintained its record of delivering strong revenue and profit growth with all our divisions making progress, building on our leading position in engineering support services. 

鈥淲e produced a top-class financial performance, driving strong cash flow and cash conversion, delivering another year of growth in shareholder value.鈥�

 Babcock spent 拢60m during the financial year on acquisitions to help give the company access to new sectors and markets, including a 拢900m deal to acquire Avincis, a provider of emergency, mission-critical helicopter services.

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