Profits surge for Babcock International
Bosses at defence and aerospace group Babcock International say the company has made 'good strategic progress'.
Revenue for the year to March 31, 2024 stood at £4.39bn, down from £4.43bn in 2023.
But operating profit for the group, which includes the Defence Support Group operation at MoD Donnington in Telford and the Babcock Vehicle Engineering specialist vehicle conversions business at Aldridge, surged to £241.6m from £45.5m.
David Lockwood, Chief Executive Officer, said: "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.
"We 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."