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Babcock International H1 Pretax Profit Rises; Confirms Full Year Guidance

Babcock International Group plc (BAB.L) reported pretax profit of 152.5 million pounds for the half year period ended 30 September 2019 compared to 65.1 million pounds, prior year. Earnings per share was 25.6 pence compared to 11.5 pence. Underlying pretax profit declined to 202.5 million pounds from 245.5 million pounds. Underlying earnings per share was 32.5 pence compared to 39.8 pence.

Fiscal year revenue declined to 2.19 billion pounds from 2.25 billion pounds, previous year. Underlying revenue was 2.46 billion pounds, flat after the impact of the step downs.

Chief Executive Archie Bethel said: "Our delivery in the first half is in line with our expectations, with good performance across most of the Group. In particular, strong performance from our Marine business has offset some weakness in the Aviation sector. If we exclude the step downs resulting from big projects like the aircraft carriers coming to an end, and from the impact of procuring planes last year for the French Fomedec contract, our underlying revenue grew by 3.6%."

For the year ending 31 March 2020, the Group's outlook remains unchanged.

An interim dividend of 7.2 pence per 60 pence ordinary share was declared after the balance sheet date and it will be paid on 17 January 2020 to shareholders registered on 6 December 2019.

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