Acquisitions send Babcock pretax profit soaring 43 per cent May 18, 2015 The figures Shares in engineering and support services group Babcock opened 2.52 per cent higher, at 1,108p, after results showed revenue climbed 20 per cent to £3.9bn in the year to March 2015, up from £3.32bn the year before. Similarly, pre-tax profit rose 43 per cent to £313.1m, up from £218.8m a year earlier. Nonetheless, net debt rose to £1.32bn – up [...]
£550m hedge for Babcock February 10, 2015 Engineering support firm Babcock experienced a solid six months, it said yesterday, as strong demand from existing contracts and its bidding and development activities remained buoyant. The company said it had entered into contracts with the Ministry of Defence for the acquisition of Defence Support Group (DSG), with the associated service provision contract along with [...]
Babcock takes over MoD unit in £140m deal December 17, 2014 THE MINISTRY of Defence (MoD) has sold its repair and maintenance unit Defence Support Group (DSG) to Babcock for £140m. The deal includes a 10-year contract for Babcock, the firm in charge of decommissioning the UK’s aging nuclear power plants, to provide maintenance, repair, overhaul and storage of current military vehicles and light weapons. The [...]
Babcock seals £140m deal for Defence support Group December 17, 2014 Babcock, the company charged with decommissioning Britain’s aging nuclear power plants, has bought the Defence Support Group (DSG) for £140m. DSG is an Ministry of Defence (MoD) unit that repairs and maintains military equipment, and the deal, worth £2bn over ten years, includes Defence Support Group’s contract with the MoD. In a statement released this [...]
Babcock and Balfour Beatty win £160m Sellafield waste contract. June 25, 2014 BABCOCK International and Balfour Beatty said yesterday they had won a £160m contract to build a new silo maintenance facility at the site of Sellafield nuclear power plant as part of the ongoing decommissioning process. The contract will be led by Cavendish Nuclear, a wholly owned subsidiary of Babcock, which will have 55 per cent [...]
Government cuts boost Babcock earnings May 19, 2014 UK ENGINEERING firm Babcock yesterday gave an upbeat outlook for the year ahead, as it unveiled a 15 per cent rise in full-year profits. The FTSE 100 company posted a nine per cent rise in revenue to £3.5bn and pre-tax profits of £316.1m. Babcock, which generates more than half its revenue from the Ministry of [...]
Babcock and Carillion win Network Rail work May 12, 2014 NETWORK Rail yesterday announced its preferred bidders for lucrative contracts to run its conventional track renewals and improvement work for the next five years. Babcock International won work over three of the seven geographic lots to deliver plain line tracks for Network Rail. The lots are made up of Western, Wales and Wessex; Scotland and [...]
Babcock wins 21-year contract to maintain London’s fire engines April 1, 2014 BABCOCK International yesterday said it has won a 21-year deal to maintain London Fire Brigade’s vehicle fleet. The FTSE 100-listed engineering firm said it will manage 500 vehicles and 50,000 pieces of specialist equipment across Greater London, with the contract set to start on 13 November. No deal value was disclosed, but Caroline de La [...]
Babcock lands London Fire Brigade contract April 1, 2014 UK engineering group Babcock International has said this morning that it has been named as the preferred bidder for a 21 year contract, with London's Fire Brigade (LFB). The company was awarded the contract to manage LFB's vehicle fleet by the London Fire and Emergency Planning Authority (LFEPA). There will be a 10 day standstill [...]
Babcock slides on rights issue to buy Avincis March 28, 2014 BABCOCK International’s share price plummeted yesterday, after the engineering firm announced a £1.1bn rights issue to fund the acquisition of heavily indebted helicopter services company Avincis. The FTSE 100 company said it is buying Avincis for £920m from private equity firms Investindustrial and KKR, but will also assume Avincis’ debt of £705m. The deal will [...]