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Babcock International Group PLC (BAB.L)

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Latest Key Developments (Source: Significant Developments)

Babcock Intl trading in line, outlook unchanged​
Wednesday, 20 Sep 2017 02:00am EDT 

Sept 20 (Reuters) - Babcock International Group Plc :‍group is trading in line with our expectations and outlook for year is unchanged​.‍revenue visibility has continued to improve, with 89% of revenue now in place for 2017/18 and around 57% for 2018/19​.‍order book and bid pipeline of opportunities have remained stable, and continue to provide confidence in our ability to grow revenue as expected over medium term​.  Full Article

Babcock says financial year has started well, FY outlook unchanged
Thursday, 13 Jul 2017 02:00am EDT 

July 13 (Reuters) - Babcock International Group Plc :Annual general meeting trading update.Financial year has started well, with group trading in line with our expectations and outlook for year unchanged.Since full year results announcement on 24 May 2017, visibility has continued to improve.82 pct of revenue now in place for 2017/18 and 55 pct for 2018/19.Order book and bid pipeline of opportunities have remained stable at around 19 billion stg and 10.5 billion stg respectively.Has continued to make progress over last seven weeks, with work proceeding as expected on our long-term.Awards since start of financial year include a new contract.Contract worth up to 500 million stg, to operate a fleet of specialist fixed-wing aircraft for Norwegian Health Service from summer.Expect to further reduce debt during second half of 2017/18 and achieve a net debt to EBITDA ratio of around 1.6 times by end of year.  Full Article

Babcock wins 500 mln stg contract for Norwegian Health Service
Thursday, 29 Jun 2017 02:17am EDT 

June 29 (Reuters) - Babcock International Group Plc ::contract award.Awarded new contract to operate new aircraft fleet for Norwegian Health Service.Contract is worth around 500 million stg for full 11 years.  Full Article

Babcock full year profit before tax up 7.6 percent to 494.8 million pounds
Wednesday, 24 May 2017 02:11am EDT 

May 24 (Reuters) - Babcock International Group Plc :Final dividend up 9.6 percent to 21.65 pence per share.Total dividend up 9.1 percent to 28.15 pence per share.7.7% growth in underlying revenue.£19 billion order book and £10.5 billion pipeline.76% of revenue in place for 2017/18; 52% in place for 2018/19.Net debt reduced to £1,173.5 million.Our long-term contracts continue to provide us with excellent visibility of future revenues.Expect to continue to generate sustainable growth this year and over medium term.".Operating profit up 6.5 percent to £574.8m .Profit before tax £494.8m up 7.6 percent.Source text for Eikon: [ID:].  Full Article

Babcock named preferred bidder for Royal Navy support contract
Monday, 3 Apr 2017 02:18am EDT 

Babcock International Group Plc : Preferred bidder for Royal Navy support contract .Selected as preferred bidder for all four elements of a ministry of defence programme, potentially worth in the region of 360 mln stg over 7 years.  Full Article

Babcock agrees with the UK over termination of Magnox contract
Monday, 27 Mar 2017 02:22am EDT 

Babcock International Group Plc : Magnox decommissioning contract . Come to a mutual agreement with UK's nuclear decommissioning authority to end Magnox decommissioning contract at end of August 2019 . Has become apparent that work that needs to be done at 12 Magnox sites is now materially different in volume from that specified in NDA's tender . This puts contract at risk of a legal challenge . Change to contract will result in removal of around 800 million stg from group's 20 billion stg order book . This would an annual step down in revenue of around 100 mln stg (less than 2 pct of group's turnover) from financial year 2020/21 . Group would expect to replace lost revenue in normal course of business over that timeframe . Around 1 billion stg will be removed from bidding pipeline; new identified opportunities likely to result in bidding pipeline being broadly unchanged . Contract change is not expected to have any negative financial impacts over next three .Do not expect this announcement to change financial guidance we expect to give at group's full year results in May.  Full Article

Babcock sees global revenue growing to around 30 pct over next five years
Tuesday, 14 Mar 2017 03:00am EDT 

Babcock International Group Plc :Has ambitions to grow global revenue to around 30 percent over next five years (FY16: 22 pct).  Full Article

Babcock International says H2 continued to see trading in line with expectations
Tuesday, 28 Feb 2017 02:00am EST 

Babcock International Group Plc : Trading update . Has traded in line with expectations during period, and outlook for full year remains unchanged . Addition to continuing to progress existing contracts, new order intake remained strong, maintaining our order book and pipeline at £30.8 billion . Second half of year has continued to see trading in line with our expectations .Board continues to expect good opportunities for growth..  Full Article

Babcock's bid for French Air Force contract recommended by France's DGA
Monday, 21 Nov 2016 06:13am EST 

Babcock International Group Plc : Babcock bid for French defence contract recommended by Direction Générale de l'Armement (DGA) . Babcock's share of FOMEDEC contract is expected to be worth over 400 mln euros, around half of which relates to financing of assets for customer . Final contract award will be subject to successful completion of French Ministère de la Défense's approval process . Currently in advanced discussions with a leading French industrial partner regarding execution of 11 year contract to provide new training aircraft .France's DGA recommended it be awarded contract to provide, maintain training platform, related services for French Air Force.  Full Article

Babcock says awarded defense contract from General Dynamics Electric Boat
Thursday, 13 Oct 2016 08:14am EDT 

Babcock International Group Plc : Contract award . As been awarded a competitive contract from General Dynamics Electric Boat . Says contract for this batch of CMC components is expected to be worth around 80 mln stg .Towards end of 2016 and expected to complete in early 2020s, with further opportunities expected from future batches.  Full Article

BAE to bid with Cammell-Laird to build five warships

Oct 18 Britain's biggest defense contractor BAE Systems Plc will make a joint bid with Liverpool-based shipbuilder Cammell-Laird to manufacture five warships for the British government, BAE said on Wednesday.