Business
Half Year Report
Half Year Report.
About this update from Babcock International Group Plc
[{"type":"text","content":"\n RNS Number : 8274V Babcock International Group PLC 09 November 2010 \n \n\nBabcock International Group PLC\nHalf year report\nfor six months ended 30 September 2010\n \n9 November 2010\nGroup's prospects enhanced by strong operational and financial performance and rapid integration of VT businesses.\nFinancial Highlights\n\n\n\n\nUnderlying\n\n\nSeptember 2010 (unaudited)\n\n\nSeptember 2009 (unaudited)\n\n\nChange\n\n\n\n\nRevenue*\n\n\n£1,221.2m\n\n\n£934.9m\n\n\n+ 31%\n\n\n\n\nOperating profit**\n\n\n£113.7m\n\n\n£82.4m\n\n\n+ 38%\n\n\n\n\nProfit before tax***\n\n\n£90.9m\n\n\n£71.8m\n\n\n+ 27%\n\n\n\n\nContinuing earnings per share****\n\n\n24.56p\n\n\n24.97p\n\n\n- 2%\n\n\n\n\nStatutory\n\n\n \n\n\n \n\n\n \n\n\n\n\nRevenue\n\n\n£1,182.0m\n\n\n£923.0m\n\n\n+ 28%\n\n\n\n\nOperating profit\n\n\n£58.7m\n\n\n£76.1m\n\n\n- 23%\n\n\n\n\nProfit before tax\n\n\n£41.1m\n\n\n£66.1m\n\n\n- 38%\n\n\n\n\nContinuing earnings per share\n\n\n11.48p\n\n\n23.17p\n\n\n- 50%\n\n\n\n\n*Underlying revenue includes the Group's share of joint venture revenue\n**Underlying operating profit includes IFRIC 12 investment income and joint venture operating profit but is before amortisation of acquired intangibles of £30.6 million (2009: £5.7 million) and operating profit exceptional items of £17.0 million (2009: £nil)\n***Underlying profit before tax is inclusive of pre-tax joint venture income but before amortisation of acquired intangibles of £31.6 million (2009: £5.7 million), exceptional items and other of £18.3 million (2009: £nil)\n****Continuing earnings per share is before amortisation of acquired intangibles of £31.6 million (2009: £5.7 million), exceptional items and other of £18.3 million (2009: £nil) and before the related tax effects of £11.5 million (2009: £2.0 million) \nHighlights\nAcquisition of VT Group plc drives further strong underlying revenue and profit growth\no new divisional structure in place and integration proceeding to plan\nUnderlying operating margin of 9.3%\nExcellent cash generation and financial position\no net debt £796 million - ahead of VT acquisition plan, net debt to ebitda 2.8 times\nInterim dividend increased by 8% to 5.20p reflecting confidence in enlarged Group performance and prospects\nStrong ord...