"Extremely successful year" for Babcock Intl.

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Date: Tuesday 13 May 2008

LONDON (ShareCast) - Defence and engineering contractor Babcock International hailed an “extremely successful year” and bumped up its full year dividend 43%.

Pre-tax profit in the year ended 31 March 2008 rose 48% to £84.6m from £57m a year earlier, with major contract wins continuing to underpin growth.

Revenue rose 57% to £1,556m from £988.3m, with £408m of the increase coming from recently acquisitions Devonport Management Limited (DML) and International Nuclear Solutions (INS).

Most areas of the business showed growth but the Rail division’s position was static. However, the Rail division showed signs of recovery in the second half of the year after a difficult first half.

The order book has remained broadly stable at £3bn since September, despite delays in contract awards stemming from the late agreement of Ministry of Defence budgets. The group’s bidding pipeline remains healthy.

“We have achieved another year of strong organic growth while we have continued our successful track record of acquisitions significantly strengthening our position as the leading provider of support to the Royal Navy and creating a strong platform for growth in the civil nuclear market,” said Peter Rogers, Babcock’s chief executive.

The company announced a final dividend of 8.20p, making dividend payments for the full year 11.50p, up 43% on the previous year.

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