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Babcock International Group PLC (BAB.L)

BAB.L on London Stock Exchange

594.20GBp
20 Nov 2018
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Latest Key Developments (Source: Significant Developments)

UK defence firm Babcock takes 120 mln pound exceptional charge
7:01am GMT 

Nov 21 (Reuters) - Babcock International Group PLC ::H1 REVENUE 2.255 BILLION STG.UNDERLYING RESULTS IN LINE, TAKING ACTIONS TO FURTHER STRENGTHEN BABCOCK.EXCEPTIONAL CHARGES OF £120 MILLION (£101 MILLION NET OF TAX).REVENUE £2,254.8M.OPERATING PROFIT £49.3M.OUTLOOK FOR THIS YEAR UNCHANGED.PROFIT BEFORE TAX £65.1M.LOW SINGLE DIGIT UNDERLYING ORGANIC REVENUE GROWTH AT CONSTANT EXCHANGE RATES WITH IMPROVED MARGINS TO LAST YEAR.NET DEBT/EBITDA 1.6X.COMBINED ORDER BOOK AND BID PIPELINE £32BN.GROUP MARGIN IMPROVING TO 10.9%, PARTLY AS LOW MARGIN BUSINESSES EXITED.STEP DOWN IN REVENUE FOR MAGNOX IN 2019/20 IS NOW EXPECTED TO BE AROUND £250 MILLION.COMPARED TO PREVIOUS EXPECTATIONS OF AROUND £100 MILLION.UNDERLYING REVENUE DOWN 2.3%, IMPACTED BY EXITS AND DISPOSALS.ASSOCIATED STEP DOWN IN OPERATING PROFIT IS EXPECTED TO BE AROUND £20 MILLION.ORGANIC REVENUE GROWTH AT CONSTANT EXCHANGE RATES -1.1%.OUR MEDIUM TERM VIEW REMAINS THAT THERE ARE SIGNIFICANT OPPORTUNITIES FOR US TO SUPPORT LONG TERM DECOMMISSIONING OF MAGNOX SITES.UNDERLYING OPERATING CASH FLOW OF £264 MILLION.£32 BILLION COMBINED ORDER BOOK AND BID PIPELINE, 92% OF UNDERLYING REVENUE ALREADY SECURED FOR 2018/19.REVENUE GROWTH WILL RESUME IN SECOND HALF AND FOR YEAR AS A WHOLE.NET DEBT £1,132 MILLION, DOWN £159 MILLION YEAR ON YEAR; REPRESENTS 1.6X EBITDA AND ON TRACK TO REACH 1.4X BY MARCH 2019.EXCEPTIONAL CHARGES OF £120 MILLION (£101 MILLION NET OF TAX), RELATED TO RESHAPING OUR OIL AND GAS BUSINESS,.  Full Article

The Capital Group Companies Cuts Stake To 4.84 Pct From 9.96 Pct In Babcock
Tuesday, 20 Nov 2018 

Nov 20 (Reuters) - Babcock International Group PLC ::THE CAPITAL GROUP COMPANIES CUTS STAKE TO 4.84 PERCENT FROM 9.96 PERCENT IN BABCOCK INTERNATIONAL GROUP PLC - FILING.  Full Article

Babcock To Exit Operations At Appledore Facility
Thursday, 1 Nov 2018 

Nov 1 (Reuters) - Babcock International Group PLC ::BABCOCK INTERNATIONAL - TO EXIT OPERATIONS AT ITS APPLEDORE FACILITY IN DEVON, ENDING ITS SITE LEASE IN MARCH 2019.BABCOCK INTERNATIONAL - WILL OFFER RELOCATION OPPORTUNITIES FOR ALL 199 APPLEDORE EMPLOYEES AT OTHER BABCOCK FACILITIES.BABCOCK INTERNATIONAL GROUP PLC - WILL NOW ENGAGE IN A CONSULTATION PERIOD.BABCOCK INTERNATIONAL - IN 2017/18 APPLEDORE GENERATED AROUND £24 MILLION OF GROUP'S TOTAL UNDERLYING REVENUE OF £5.4 BILLION.  Full Article

Babcock Says No Change To Fy Underlying Revenue, Earnings Expectations
Monday, 30 Jul 2018 

July 30 (Reuters) - Babcock International Group PLC ::BABCOCK - THERE HAS BEEN NO CHANGE TO CO'S EXPECTATIONS FOR UNDERLYING REVENUE AND UNDERLYING EARNINGS AS DETAILED IN RECENT TRADING STATEMENT.BABCOCK INTERNATIONAL GROUP - IMPACT OF SLOWER THAN ANTICIPATED SPARES PROCUREMENT ACTIVITY RELATING TO DSG WAS INCLUDED IN GUIDANCE.BABCOCK INTERNATIONAL GROUP PLC - THERE HAS BEEN NO CHANGE TO BID PIPELINE.BABCOCK INTERNATIONAL GROUP PLC - MOD HAS DECIDED TO FOCUS ON DEEPENING TRANSFORMATION AND RELATIONSHIP WITH BABCOCK ON CORE CONTRACT.  Full Article

Babcock Says Awarded Canadian Submarine Contract Extension
Thursday, 31 May 2018 

May 31 (Reuters) - Babcock International Group PLC ::CONTRACT EXTENSION.SECURED THREE-YEAR EXTENSION, WORTH AROUND £225 MILLION, TO ITS EXISTING CONTRACT TO PROVIDE IN SERVICE SUPPORT CONTRACT TO CANADA'S FLEET OF FOUR VICTORIA CLASS SUBMARINES.CONTRACT WHICH HAS BEEN EXTENDED TO 2021 IS LARGEST NAVAL IN-SERVICE SUPPORT CONTRACT IN CANADA.  Full Article

Babcock Wins Italian Firefighting Contract
Thursday, 18 Jan 2018 

Jan 18 (Reuters) - Babcock International Group Plc ::BABCOCK AWARDED ITALIAN FIREFIGHTING CONTRACT.‍BABCOCK AWARDED ITALIAN FIREFIGHTING CONTRACT​.‍DUE TO START IN FEB, REBID WORTH TOTAL OF AROUND £160 MILLION FOR FIRST 4 YEARS; OPTION FOR 4-YEAR EXTENSION THAT COULD RAISE VALUE TO £320 MILLION​.  Full Article

Babcock To Bid For UK Ministry Of Defence's 1.25 Bln Stg Contract With Team Of Partners
Monday, 8 Jan 2018 

Jan 8 (Reuters) - Babcock International Group Plc ::BABCOCK INTERNATIONAL - TO LEAD A TEAM OF INDUSTRY PARTNERS IN A BID FOR UK MINISTRY OF DEFENCE'S (MOD) NEW £1.25 BILLION TYPE 31E GENERAL PURPOSE LIGHT FRIGATE PROGRAMME​.  Full Article

UK's Babcock H1 revenue up 6 pct, sees more progress beyond this year
Tuesday, 21 Nov 2017 

Nov 21 (Reuters) - Babcock International Group Plc six months ended 30 September 2017:‍profit before tax 181.9 million pounds​.‍we expect a slight improvement in overall group margin during second half​.‍revenue 2,316.7 million pounds​.‍Babcock remains confident that full year results will be in line with our expectations​.‍we will make further good progress beyond this year​.‍£146 million increase in underlying revenue; up 6%​.‍£11 million increase in underlying profit before tax; up 5%​.‍order book and bid pipeline increased to c£31 billion (fy17: c£30 billion)​.‍92% of revenue in place for this financial year; 59% of revenue in place for 2018/19​.‍despite volatile background, we continue to see opportunities across all our markets​.‍board continues to expect full year results to be in line with expectations​.‍we remain confident of making good progress this year and beyond.​.  Full Article

Babcock International Group awarded new regional contracts by UK Ministry of Defense
Friday, 17 Nov 2017 

Nov 17 (Reuters) - BABCOCK INTERNATIONAL GROUP PLC :CONTRACT AWARD.‍AWARDED THREE NEW REGIONAL CONTRACTS BY UK MINISTRY OF DEFENCE UNDER TECHNICAL SUPPORT SERVICES PROVISION FOR 17 SITES ACROSS WHOLE OF UK​.‍WORTH TOTAL AROUND £160 MILLION FOR FIRST FIVE YEARS FOR ALL THREE REGIONS, WITH OPTIONS FOR FURTHER TWO ONE-YEAR EXTENSIONS WHICH COULD INCREASE VALUE TO AROUND £220 MILLION​.  Full Article

Babcock takes one-off charge and lowers nuclear outlook

EDINBURGH British defence contractor Babcock took a one-off charge of 120 million pounds to reshape its business on Wednesday and warned that revenue from its nuclear decommissioning division would drop more than expected.