Business
Results for the six months ended 30 September 2024
Results for the six months ended 30 September 2024.
About this update from Babcock International Group Plc
[{"type":"text","content":"\n\n \n \nBabcock International Group PLC\nHalf year results for the six months ended 30 September 2024\n \n13 November 2024\n \nSuccessfully delivering performance and growth\n \n\n\n\n\nStatutory results\n\n\n30 September 2024\n\n\n30 September 2023\n\n\n\n\nRevenue\n\n\n£2,408.9m\n\n\n£2,177.0m\n\n\n\n\nOperating profit\n\n\n£183.8m\n\n\n£144.2m\n\n\n\n\nBasic earnings per share\n\n\n25.7p\n\n\n20.4p\n\n\n\n\nCash generated from operations\n\n\n£181.3m\n\n\n£163.2m\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nUnderlying results 1\n\n\n30 September 2024\n\n\n30 September 2023\n\n\n\n\nContract backlog\n\n\n£9.5bn\n\n\n£9.6bn\n\n\n\n\nUnderlying operating profit\n\n\n£168.8m\n\n\n£154.4m\n\n\n\n\nUnderlying operating margin\n\n\n7.0%\n\n\n7.1%\n\n\n\n\nUnderlying basic earnings per share\n\n\n23.5p\n\n\n20.6p\n\n\n\n\nInterim dividend per share\n\n\n2.0p\n\n\n1.7p\n\n\n\n\n \n\n\n \n\n\n \n\n\n\n\nUnderlying free cash flow\n\n\n£94.7m\n\n\n£67.2m\n\n\n\n\nNet debt\n\n\n£(385.6)m\n\n\n£(492.5)m\n\n\n\n\nNet debt excluding leases\n\n\n£(145.8)m\n\n\n£(287.8)m\n\n\n\n\nNet debt/EBITDA (covenant basis)\n\n\n0.6x\n\n\n1.1x\n\n\n\n\n \nDavid Lockwood, Chief Executive Officer, said:\n\"This is another strong set of results, with continued positive momentum across the Group. Our operational and financial performance in the first half of the year underpins my confidence that we will deliver our expectations for the full year, as we progress towards our medium-term guidance.\n \nWe continue to focus on driving performance and sustainable growth. Working closely with our customers, we are consistently delivering key programmes and contracts, with enhanced standards of execution. Meanwhile, a backdrop of geopolitical instability means demand for what we do continues to increase, resulting in an expanding and attractive long-term opportunity set. We are selecting the right opportunities and are being disciplined in how we deploy capital to deliver growth which maximises shareholder value.\"\n \nFinancial highlights\n\n\n\n\n-\n\n\nContract backlog £9.5 billion flat vs HY24, or down 8% vs FY24 driven by execution on long-term contracts. Key contracts expected in H2\n\n\n\n\n-\n\n\nRevenue of £2,409 million increased 11% on an organic basis, driven by strong growth in Nuclear and Land\n\n\n\n\n-\...