PAUL JONES | PANMURE GORDON
The order book remains stable, with the bid pipeline showing some growth and expected to grow steadily during the course of the year. Cash generation appears to remain strong, with the integration of VT progressing well.
MIKE MURPHY | NUMIS
This positive third-quarter management statement should bash the Babcock bears. We see fears over the growth rate and its net debt position receding over the next 12 months driving a major re-rating of the shares.
KEVIN LAPWOOD | SEYMOUR PIERCE
The trading update was a comforting mixture of stability in the UK defence businesses and strong cash flow combined with encouraging growth overseas. The integration of VT Group continues according to plan.