logo
Plus   Neg
Share
Email

Babcock Intl Slips To Loss In FY20; Warns On Sector Margins Next Year

Aerospace and defence company Babcock International Group Plc. (BAB.L) reported Thursday that its fiscal 2020 loss before tax was 178.2 million pounds, compared to last year's profit of 235.2 million pounds.

Loss per share was 38.6 pence, compared to profit of 39.5 pence a year ago.

Underlying profit before tax was 428.4 million pounds, compared to 517.9 million pounds in the prior year. Underlying basic earnings per share were 69.1 pence, compared to 84.0 pence last year.

Revenue for the year edged down to 4.45 billion pounds from last year's 4.48 billion pounds.Underlying revenue was 4.87 billion pounds from 5.16 billion pounds in the prior year.

The company recorded strong performances across Marine, Nuclear and Land sectors, while it was weak in Aviation.

The company noted that majority of its work has been declared to be critical and its people designated as key workers amid the Covid-19 pandemic.

Further, Babcock said its Board has deferred the decision on final dividend until COVID-19 situation becomes clearer.

Combined order book and pipeline was around 35 billion pounds, higher than last year's 31 billion pounds. Order book is 17.6 billion pounds and pipeline is 17 billion pounds.

Looking ahead for the year ending March 31, 2021, the company said it is not providing financial guidance due to the current level of uncertainty.

The company said sector margins will be impacted by lower demand and productivity levels.

Performance is expected to be weighted to the second half, reflecting normal business phasing and the expected impact of COVID-19.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Home Depot, Inc. is set to open three new distribution centers in Georgia over the next 18 months, which is expected to create an additional 1,000 new jobs in Greater Atlanta, including full-time and part-time positions. The home improvement retailer has already created more than 5,000 new jobs in Georgia over the last five years. Shares of BMW AG were losing around 5 percent in German trading after the luxury car maker reported Wednesday a loss in its second quarter, compared to prior year's profit as demand was hit hard by coronavirus pandemic. Looking ahead, the company said it is cautiously optimistic for second half of the year, and reaffirmed fiscal 2020 outlook. Billionaire Richard Branson's Virgin Atlantic has filed for Chapter 15 bankruptcy protection in the United States after being hit hard by travel restrictions due to the coronavirus pandemic. The process is part of the British airline's restructuring plan as it is seeking a 1.2 billion pounds rescue deal in the U.K. The airline also filed a proceeding in the high court in London for its restructuri
Follow RTT