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Babcock International Swings To Profit In H1

Babcock International Group PLC (BAB) on Tuesday announced half-yearly results for the six months ended 30 September 2021 that showed increase in revenue and turnaround to an operating profit position in the first half compared to prior year.

Profit before tax in the first half was 58.8 million pounds as compared to loss before tax of 811.6 million pounds in the restated results for the six months ended September 2020.

Profit for the period was 54.2 million pounds or 10.2 pence per share as compared to a loss of 832.3 million pounds or 164.8 pence per share in the first half of FY 2021.

Underlying profit for the period was 79.1 million pounds or 15.1 pence per share as compared to 29.4 million pounds or 5.8 pence per share in the previous period.

Revenue for the period was 2.2 billion pounds, as compared to 2.1 billion pounds in the half-year ended 30, September 2020.

Operating profit for the half year was 75.4 million pounds as compared to an operating loss of 785.3 million pounds in the first half of FY 2021, helped by lower COVID-19 business interruption than the prior period.

Underlying operating profit was 115.3 million pounds as compared to 84.5 million pounds in the first half of FY 2021.

The company said it still expects fiscal 2022 free cash flow to be significantly negative.

Shares of Babcock International Group are currently trading at 306.80 pounds, up 11.70 pounds or up 3.96 percent from previous close.

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