Interim Management Statement (9250J)
2011年7月7日 - 3:00PM
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RNS Number : 9250J
Babcock International Group PLC
07 July 2011
7 July 2011
Babcock International Group PLC
Interim Management Statement
Prior to today's Annual General Meeting, Babcock International
Group PLC (Babcock or the Group), the UK's leading engineering
support services company, is issuing the following Interim
Management Statement for the period from 1 April 2011.
Trading for the Group as a whole has been good during the first
quarter of this financial year and remains consistent with our
expectations at the time of our preliminary results announced on 17
May 2011. Our markets have remained robust, providing significant
opportunities for growth both in the UK and overseas and our
existing contracts and framework agreements continue to perform in
line with our expectations. Synergy benefits arising from last
year's acquisition of VT Group plc (VT) are flowing through into
the divisions at the levels anticipated and as scheduled.
The order book and bid pipeline remain strong, reflecting the
momentum of our ongoing operations as well as the new opportunities
that have come to market since the beginning of this calendar year.
Bidding activity levels remain good across the businesses and
progress has been made as a number of contracts move closer to
final award. We continue to engage with customers as they consider
how new outsourcing programmes could help them achieve greater
efficiencies.
The Group's financial position has continued to strengthen. Cash
generation across the divisions has remained strong throughout the
first quarter of the year and as a result we have continued to pay
down debt. Over the past year as part of our financing strategy
post the acquisition of VT, we have been reviewing our debt capital
structure to ensure the Group has appropriate and flexible funding.
Following the issue of $650 million US private placement loan notes
at the end of the last financial year, replacing the GBP400 million
acquisition bridge facility, we have now successfully completed the
refinancing of the Group's main corporate banking facility with a
GBP500 million, 5 year revolving credit facility maturing in
2016.
Strategic Review
A strategic review of the Group has been ongoing since the
completion of the VT acquisition. As part of that review, the Board
has concluded that the former VT US defence operations do not meet
the Group's strategic objectives and therefore, as currently
structured, are not considered a core part of the Group. A range of
options, including divestment, is currently being considered.
Plans to exit the Waste operations continue to progress as
expected.
Outlook
We remain confident that the current economic climate will
continue to drive an increase in new outsourcing opportunities in
our markets, in both the private and public sectors. In this
environment, we believe that we are well placed to benefit from the
scale of our operations, the breadth of our expertise and our track
record of delivering both operational and financial
efficiencies.
The Board remains confident in the outlook for the Group and,
supported by the excellent visibility in the order book and bid
pipeline, looks forward to achieving good progress this year and
thereafter.
- Ends -
Enquiries
Babcock International Group PLC 020 7355 5300
Peter Rogers - Chief Executive
Bill Tame - Finance Director
Terri Wright - Head of Investor Relations
FD 020 7269 7291
Andrew Lorenz
Nick Hasell
Babcock International Group PLC IMS conference call
A conference call for analysts and investors will be held at
8.00 am on 7 July 2011. Conference call and playback details are
set out below and an audiocast will be available from mid-morning
on 7 July at www.babcock.co.uk
Participant Access
UK Access Number + 44 (0)20 3140 0724 (no pin required)
UK Toll Free Number 0800 368 1918
Playback
UK Toll Access Number + 44 (0)20 3140 0698
UK Toll Free Number 0800 368 1890
US Toll Free Number + 1 877 846 3918
Conference Reference 378308#
This information is provided by RNS
The company news service from the London Stock Exchange
END
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