Business
Results for the six months ended 30 September 2023
Results for the six months ended 30 September 2023.
About this update from Babcock International Group Plc
[{"type":"text","content":"\n\nBabcock International Group PLC\nHalf year results for the six months ended 30 September 2023\n \n14 November 2023\n \nStrong start to the year, full year expectations unchanged\n \nStatutory results\n\n\n\n\n\n\n\n30 September 2023\n\n\n30 September 2022\n\n\n\n\nRevenue\n\n\n£2,177.0m\n\n\n£2,144.0m\n\n\n\n\nOperating profit\n\n\n£144.2m\n\n\n£72.8m\n\n\n\n\nBasic earnings per share\n\n\n20.4p\n\n\n6.8p\n\n\n\n\nCash generated from operations\n\n\n£163.2m\n\n\n£75.2m\n\n\n\n\nUnderlying results (ii)\n\n\n\n\n\n \n\n\n\n\n\n\n\n30 September 2023\n\n\n30 September 2022\n\n\n\n\nContract backlog (i)\n\n\n£9.6bn\n\n\n£9.9bn\n\n\n\n\nUnderlying operating profit\n\n\n£154.4m\n\n\n£121.7m\n\n\n\n\nUnderlying operating margin\n\n\n7.1%\n\n\n5.7%\n\n\n\n\nUnderlying basic earnings per share\n\n\n20.6p\n\n\n15.8p\n\n\n\n\nDividend per share\n\n\n1.7p\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£67.2m\n\n\n£(24.7)m\n\n\n\n\nNet debt\n\n\n£(492.5)m\n\n\n£(1,039.4)m\n\n\n\n\nNet debt excluding operating leases\n\n\n£(287.8)m\n\n\n£(629.3)m\n\n\n\n\nNet debt/EBITDA (covenant basis)\n\n\n1.1x\n\n\n1.9x\n\n\n\n\n \n \nDavid Lockwood, Chief Executive Officer, said:\n \n \"We have made a strong start to the year, as we continue to build on the exciting momentum we see across the Group. We are delivering for our customers, reducing risk and positioning for growth through a number of significant new global teaming agreements.\n \n\"We have a clear capital allocation policy, which is providing the Group with the flexibility it needs to capture the growing number of value creation opportunities we see ahead. We are reinstating our dividend following a four-year hiatus, reflecting our confidence in the future, and our expectations for the full year remain unchanged.\" \n \n \nFinancial highlights\n- Contract backlog £9.6 billion, down year-on-year due to the impact of disposals, up slightly since year end \n- Revenue up 2% to £2,177 million. Organic growth of 18%, including major infrastructure programme growth, offset FY23 disposals\n- Underlying operating profit up 27% to £154 million, ahead of expectations, primarily due to earlier than anticipated recei...