Trading Statement (1152A)
2012年3月27日 - 3:01PM
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RNS Number : 1152A
Babcock International Group PLC
27 March 2012
27 March 2012
Babcock International Group PLC (Babcock or the Group)
Pre-close Trading Statement
Babcock International Group PLC, the UK's leading engineering
support services company, issues the following update on trading
for the financial year ending 31 March 2012, before entering its
close period. Babcock will announce full year results on 15 May
2012.
Overview
The Group's trading environment for the year has been positive
and the financial performance for the 2011/12 full year remains
consistent with the Board's expectations at the time of our Interim
Management Statement on 31 January 2012.
Throughout this year, our customers have faced ongoing financial
and budgetary constraints and increasingly have looked to outsource
their support requirements to achieve cost-savings and improved
availability or efficiency. This has created opportunities for the
Group through our distinctive, engineering based, long-term support
model. During the period, the Group has strengthened the visibility
of future revenues in the order book and has further increased both
the bidding and tracking pipelines, with opportunities arising both
in the UK and overseas, including the recent success in securing
preferred bidder status for the upkeep of the Royal Australian
Navy's Anzac class frigates.
Order book
During the second half of this financial year the Group has been
successful in securing preferred bidder status on a number of new
long-term contracts and achieving extensions to existing
contractual arrangements, totalling around GBP2 billion. Some of
these, including London Fire Brigade Training and Sellafield Design
Services Alliance, are now operational and have moved into the
order book. The contract for the Dounreay Parent Body Organisation
(PBO) will not become operational until early April 2012 and so is
still included in the bid pipeline. As a result of these successes,
after remaining stable at c GBP12 billion for the past 18 months,
the order book has increased to c GBP12.5 billion, excluding the
Dounreay PBO contract.
In addition, we can today confirm the following new contract
awards.
The Marine and Technology division has signed a GBP350 million
contract for the three and a half year Long Overhaul Period and
Refuel (LOP(R)) for HMS Vengeance, the fourth of the Vanguard class
submarines to undergo a refit at our specialist facilities at
Devonport dockyard. This contract follows the successful completion
of the LOP(R) for HMS Vigilant, the first to be completed under our
Terms of Business Agreement with the Ministry of Defence (MoD).
The Defence and Security division has signed a contract with the
MoD under Project Phoenix, worth GBP135 million, for the period to
August 2016. This contract will provide continuity of service and
incremental replacement for over 14,000 vehicles (ranging from cars
to coaches and articulated trucks) previously provided through the
White Fleet contract. Babcock has already been announced as the
MoD's service provider for Project Phoenix and we now estimate the
overall Phoenix contract to be worth c GBP400 million over the next
four and a half years.
Bid pipeline
Despite our substantial recent success in converting
opportunities into orders, we have more than replenished our bid
pipeline. The bid pipeline now stands at c GBP12 billion, including
Dounreay, and has risen from GBP10 billion on 31 January 2012. This
increase reflects the acceleration in activity in our markets and
the strength of our positions in those markets. In particular, the
increase is a combination of further new contract opportunities
from the Defence Infrastructure Organisation, which are due to be
awarded between 2013 and 2015, and longer-term opportunities
arising in the nuclear new-build market which are now in bid and
are expected to be awarded between 2015 and 2017.
In addition to increases in both the order book and bid
pipeline, the Group continues to track a number of significant
opportunities which are expected to come to market over the next
financial year. In support of these opportunities, discussions are
ongoing with our major customers about their plans for future
outsourcing programmes, particularly in the defence training and
equipment support markets.
Financial review
Cash flow remains strong and as previously indicated, net debt
at 31 March 2012 is expected to represent less than two times
EBITDA.
Synergy benefits arising from the combination with VT Group plc
are now fully visible and are being realised in line with plan.
Outlook
The key markets in which the Group operates remain strong and we
believe that the current economic climate will continue to create
significant medium and long-term growth opportunities, both in the
UK and overseas.
In this environment we believe we are well placed to benefit
from the scale of our operations, the breadth of our experience and
our track record of delivering operational and financial
efficiencies.
The Group continues to benefit from excellent visibility of
future revenue streams through its long-term contracts, strong
order book and bid pipeline. The Board, therefore, is confident of
achieving its expectations for this financial year and looks
forward to building on this progress further in 2012/13.
Analyst and investor site visit
On 27 and 28 March 2012, Babcock will be hosting a site visit
for analysts and investors focusing on activities in the Defence
and Security division, the Group's civil and military training
capabilities and its training contracts for BMW Group and for the
School of Electrical and Mechanical Engineers at Bordon. No
material new information will be disclosed as part of this
visit.
Enquiries
Babcock International Group PLC 020 7355 5300
Bill Tame - Group Finance Director
Terri Wright - Head of Investor Relations
FTI Consulting 020 7269 7291
Andrew Lorenz
Nick Hasell
A conference call for analysts and investors will be held at
8.00 am this morning.
Dial-in number: 020 3140 0668
Dial-in toll free: 0800 368 1950
Participant PIN: 968811#
Playback details
Playback number: 020 3140 0668
Playback toll free: 0800 368 1890
Playback PIN: 383500#
This information is provided by RNS
The company news service from the London Stock Exchange
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