Engineering support services group also reports 14% hike in revenue as it hails 鈥榬ecord results鈥
Babcock International saw its pre-tax profit surge by 拢57m, to 拢274.1m - a rise of 26%, according to full-year results for 2011-12.
The engineering and support services group, which conducts a significant quantity of work for the Ministry of Defence, also posted a 14% rise in revenue to 拢3.07bn during the year.
It said the key markets in which it operates remained strong and that the economic climate would 鈥渃ontinue to create significant medium and long-term growth opportunities, both in the UK and overseas鈥.
The company鈥檚 full-year results said its current order book for continuing operations added up to some 拢13bn, up from 拢12bn in 2011.
Chief executive Peter Rogers said the figures amounted to 鈥渞ecord results鈥.
鈥淔rom our position as the UK鈥檚 leading engineering support services group, we grew in all three of our target areas - existing contracts, existing customers and new customers,鈥 he said.
鈥淥ur key markets remain strong and the current economic climate is favourable to the further growth of our business. We have excellent forward visibility with our long-term contracts, strong order book and bid pipeline.
鈥淭herefore, the board expects the Group to make further strong progress in 2012/13 and for earnings to be ahead of its previous expectations.鈥
Babcock, which acquired VT Group in 2010, said it had sold the firm鈥檚 US defence operations during the course of the last financial year - along with its own pipeline operation Eagleton, following a strategic review that found the operations 鈥渘on-core鈥.
No comments yet