Interim Results for half year ended 30 September 2007 from FTSE 250 member Babcock (LSE: BAB) made good reading for investors this morning. The business support services group posted a 38% increase in revenues to £672.6 million and a 42% increase in profit before tax to £39.2 million. Continuing earnings per share also rose 43% to 14.12 pence and the interim dividend was increased 38% to 3.3 pence.
Babcock’s order book increased to £3.3 billion and the company said its bid pipeline 'remains strong'.
Babcock provides a wide range of business support services to the marine, nuclear, communications, power, rail, defence and engineering & plant sectors.
Peter Rogers, Chief Executive commented
"In the first half we have continued our record of delivering strong organic growth within our existing businesses whilst expanding significantly through the acquisition of DML. Following the successful acquisition of DML, Babcock is now positioned as the leading provider of support to the Royal Navy's surface and submarine fleet."
Shares in Babcock rose 6% valuing the company at approximately £1.4 billion.