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Babcock Int'l Says Trading In Line With View

Babcock International Group Plc. (BAB.L), in its trading update for the period from 1 April 2017, said that the financial year has started well, with the Group trading in line with expectations and the outlook for the year unchanged. Since the full year results announcement on 24 May 2017, visibility has continued to improve, with around 82% of revenue now in place for 2017/18 and 55% for 2018/19.

The order book and bid pipeline of opportunities have remained stable at around 19.0 billion pounds and 10.5 billion pounds respectively following contract wins, and the tracking pipeline remains buoyant, providing confidence in our ability to grow in line with our expectations this year and over the medium term.
The Group has continued to make progress over the last seven weeks, with work proceeding as expected on our long-term contracts. Awards since the start of the financial year include a new contract, worth up to 500 million pounds, to operate a fleet of specialist fixed-wing aircraft for the Norwegian Health Service from summer 2019.

The Group said it continues to maintain a healthy financial position. As previously indicated, it expects to further reduce debt during the second half of 2017/18 and achieve a net debt to EBITDA ratio of around 1.6 times by the end of the year.

by RTT Staff Writer

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