Shares in Babcock International Group plc (LON:BAB) have jumped today after the British engineering support and outsourcing company said it remains on track to meet full year targets.
In a trading update the company said the second half has continued to trade in line with its expectations, boosted by a strong performance in the international business as it begins work on new contracts.
The company’s order book and bid pipeline has been maintained at its half-year level of £30bn.
New orders include a €500mln contract with the French Air Force and a further six maritime equipment support contracts for the Royal Navy.
“The longer-term tracking pipeline has increased in size over the period and continues to provide significant opportunities for growth over the medium term,” Babcock said.
The update come as the outsourcing sector has been hit by contract delays due to uncertainty surrounding the Brexit vote.
Shares rose 6.67% to 944p in afternoon trading.