Business
Full year results for the year ended 31 March 2023
Full year results for the year ended 31 March 2023.
About this update from Babcock International Group Plc
[{"type":"text","content":"\n\nBabcock International Group PLC\nFull year results for the year ended 31 March 2023\n \n \n20 July 2023\nBuilding momentum\n \nStatutory results\n\n\n\n\n\n\n\n\n\n31 March 2023\n\n\n31 March 2022\n\n\n\n\nRevenue\n\n\n\n\n\n£4,438.6m\n\n\n£4,101.8m\n\n\n\n\nOperating profit\n\n\n\n\n\n£45.5m\n\n\n£226.8m\n\n\n\n\nBasic earnings per share\n\n\n\n\n\n(6.9)p\n\n\n32.5p\n\n\n\n\nCash generated from operations\n\n\n\n\n\n£348.9m\n\n\n£41.8m\n\n\n\n\nUnderlying results (ii)\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\n\n31 March 2023\n\n\n31 March 2022\n\n\n\n\nContract backlog (i)\n\n\n\n\n\n£9.5bn\n\n\n£9.9bn\n\n\n\n\n Underlying operating profit (iii)\n\n\n\n\n\n£177.9m\n\n\n£237.7m\n\n\n\n\n of which Type 31 loss (iv)\n\n\n£(100.1)m\n\n\n \n\n\n-\n\n\n\n\n Underlying operating profit excluding the Type 31 loss\n\n\n£278.0m\n\n\n \n\n\n£237.7m\n\n\n\n\n Underlying operating margin excluding the Type 31 loss\n\n\n6.3%\n\n\n \n\n\n5.8%\n\n\n\n\nUnderlying basic earnings per share\n\n\n\n\n\n17.7p\n\n\n30.7p\n\n\n\n\n Underlying basic earnings per share excluding Type 31 loss\n\n\n33.8p\n\n\n \n\n\n30.7p\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nUnderlying free cash flow\n\n\n\n\n\n£75.3m\n\n\n£(191.3)m\n\n\n\n\nNet debt\n\n\n\n\n\n£564.4m\n\n\n£968.7m\n\n\n\n\nNet debt excluding operating leases\n\n\n\n\n\n£346.2m\n\n\n£556.7m\n\n\n\n\nNet debt/EBITDA (covenant basis)\n\n\n \n\n\n1.5x\n\n\n1.8x\n\n\n\n \nDavid Lockwood, Chief Executive Officer, said:\n\"We've made excellent progress this year, with better-than-expected cash generation, margin expansion and double-digit revenue growth. When we started our transformation, my first goal was to stabilise and strengthen the balance sheet and I'm delighted to say that work is complete. Babcock is now a higher-quality, lower-risk and more predictable business, with a clear focus on execution.\n \n\"In a world of significant instability, national security has never been more important. With defence making up two-thirds of the Group, the combination of capability, availability and affordability we offer is increasingly relevant. I'm excited by the momentum building across the business, and that confidence is reflected in our expectation of contin...