Babcock International PLC (LSE:BAB) has maintained expectations for the full year as it reported flat revenues and a fall in profits in the half-year to 30 September 2022.
The group reported interim revenue totalling £2.14bn compared to a restated figure of £2.13bn last year while pre-tax profits fell to £51.2mln, down from a restated figure of £58.8mln which it said was due to disposals and currency movements which offset the positive impacts of its NSM acquisition.
The aerospace and defence firm said: “We expect to see continued operational progress from our focus on execution and growth. We are maintaining our overall financial expectations for the current year.”
A strong contract backlog was maintained through the period at £9.9bn with over 90% of full-year 2023 revenue under contract as of 30 September 2022.
In the results statement, David Lockwood, Babcock chief executive officer, said: “Whilst there is still more to be done, the significant contracts won this year underpin our confidence in our potential to deliver sustained growth and capture margin upside over the medium-term.”
No interim dividend is to be paid.