REG - Babcock Intnl Group - AGM trading update

Babcock InternationalAnnouncement

19/09/2024 07:00

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RNS Number : 7772E  Babcock International Group PLC  19 September 2024

 

 

 

19 September 2024

 

Babcock International Group PLC

 

AGM trading update - encouraging start to the year, FY expectations unchanged

 

Babcock International Group PLC ("Babcock" or "the Group") provides a trading
update for the first five months of the financial year ahead of its Annual
General Meeting to be held at 10.30 am today.

Trading update

Trading for the five-month period to 31 August 2024 has been encouraging and
in line with the Board's expectations.

Positive momentum has continued into H1, and the Group has delivered good
organic revenue growth, particularly in civil and naval Nuclear, and in the
Land Sector. Group underlying operating profit also increased compared to the
same period last year, despite last year including the license fees from the
Polish MIECZNIK programme.

Our expectations for the full year are unchanged and we continue to progress
toward our medium-term guidance.

Business developments

Demand in our core defence market remains positive and we continue to make
good strategic progress. We have:

 ·         Launched H&B Defence, a joint venture with HII (NYSE: HII) to accelerate
           the development of critical sovereign capability for Australia's AUKUS
           nuclear-powered submarine programme, including workforce, nuclear
           infrastructure design and build, submarine defueling and decommissioning,
           nuclear waste and future sustainment.
 ·         Reopened 9 Dock in Devonport on 12 September, following the completion of an
           extensive regeneration project. The dry dock will deliver the £560 million
           maintenance programme to extend the operational life of HMS Victorious,
           currently underway, and is critical for the future support of the UK's
           Continuous At Sea Deterrent.
 ·         Inaugurated the Babcock Engineering & Nuclear Skills building at City
           College Plymouth. Opened by the Minister of State for Defence Procurement and
           Industry, the new facility will enhance our growing workforce's capabilities
           in the UK's nuclear programmes.
 ·         Signed a contract extension with PGZ SA, the Polish Armaments Group, to
           continue our support to Poland's Miecznik frigate programme until the delivery
           of ship three in 2031.

 

The Group's HY25 results will be published on 13 November 2024.

 

For further information:

 

 Andrew Gollan, Babcock Director of Investor Relations      +44 (0)7936 039 004
 Kate Hill, Babcock Group Head of Financial Communications  +44 (0)20 7355 5312
 Olivia Peters / Harry Cameron, Teneo                       +44 (0)20 7353 4200

 

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