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Babcock reports strong growth

19 May 14 Engineering support services group Babcock International has reported increased revenue and profit for the year to 31 March 2014.

Group revenue was up 9% to £3547.4m (2013: £3,243.4m). Pre-tax profit was up 15% to £316.1m (2013: £275.0m).

Revenue from continuing operations was up 10% to £3,321.0m (2013: £3,029.4m) and pre-tax profit from continuing operations was up 20% to £233.1m (2013: £218.8m).

The company said that it had maintained its win rate, by value, at around 45%.  Recent new business includes subsidiary Cavendish Nuclear, with its joint venture partner Fluor, picking up a £2.4bn deal for the management and decommissioning of the 12 Magnox and Research Sites for the Nuclear Decommissioning Authority (NDA).

The company also said it was well placed for more Ministry of Defence work.

Chief executive Peter Rogers said: "Babcock 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.  We produced a top-class financial performance, driving strong cash flow and cash conversion, delivering another year of growth in shareholder value.

“Our markets remain buoyant and we enter the new financial year with a powerful platform for further growth in the UK and overseas.  Building 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."

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