Business
Full year results for the year ended 31 March 2024
Full year results for the year ended 31 March 2024.
About this update from Babcock International Group Plc
[{"type":"text","content":"\n\n \nBabcock International Group PLC\nFull year results for the year ended 31 March 2024\n \n \n26 July 2024\nStrong progress towards our medium-term guidance\n \n\n\n\n\nStatutory results\n\n\n31 March 2024\n\n\n31 March 2023\n\n\n\n\nRevenue 2\n\n\n£4,390.1m\n\n\n£4,438.6m\n\n\n\n\nOperating profit\n\n\n£241.6m\n\n\n£45.5m\n\n\n\n\nBasic earnings/(loss) per share\n\n\n32.9p\n\n\n(6.9)p\n\n\n\n\nCash generated from operations\n\n\n£374.3m\n\n\n£348.9m\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nUnderlying results 1\n\n\n31 March 2024\n\n\n31 March 2023\n\n\n\n\nContract backlog\n\n\n£10.3bn\n\n\n£9.5bn\n\n\n\n\nUnderlying operating profit 3\n\n\n£237.8m\n\n\n£177.9m\n\n\n\n\nUnderlying operating margin 4\n\n\n5.4%\n\n\n4.0%\n\n\n\n\nUnderlying basic earnings per share\n\n\n30.8p\n\n\n17.7p\n\n\n\n\n Type 31 loss\n\n\n£(90.0)m\n\n\n£(100.1)m\n\n\n\n\n Underlying operating profit excluding Type 31 loss\n\n\n£327.8m\n\n\n£278.0m\n\n\n\n\nFull year dividend per share\n\n\n5.0p\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£160.4m\n\n\n£75.3m\n\n\n\n\nNet debt 5\n\n\n£(435.4)m\n\n\n£(564.4)m\n\n\n\n\nNet debt excluding leases\n\n\n£(210.9)m\n\n\n£(346.2)m\n\n\n\n\nNet debt/EBITDA (covenant basis)\n\n\n0.8x\n\n\n1.5x\n\n\n\n\n \nDavid Lockwood, Chief Executive Officer, said:\n\"We have made good strategic progress, delivering another year of strong growth with cash flow ahead of expectations. Babcock is well positioned to benefit from the sustained uplift in global defence budgets, driven by the need to recapitalise, re-equip and modernise militaries, resulting in an increase in our opportunity set.\n \nWe combine strong engineering know-how, high customer intimacy and extensive operational asset knowledge together with highly collaborative relationships and product development capability. This differentiated proposition is increasingly attractive to our customers. We look to the future with confidence as we continue to progress towards our medium-term targets.\"\n \nFinancial highlights\n- Contract backlog £10.3 billion, up 9%, driven by Nuclear and Marine\n- Revenue of £4,390.1 million grew 11% on an organic basis, driven by strong growth in Nuclear and Land\n- Statut...