Operational Highlights
Growth driven by strong underlying operational performance - business model and strategy well suited to current economic environment
9% growth in underlying revenue (11% at constant exchange rates)
9% growth in underlying operating profit (11% at constant exchange rates)
Cash conversion of 103%, net debt at £533.7 million; net debt:ebitda 1.3 times
Significant future opportunities being progressed - bid pipeline £17.5 billion (2013: £15.5 billion); order book continues to provide excellent visibility of future revenue
Acquisition of the Avincis Group, completed post year-end, supports strategic growth objectives and brings market leading business delivering mission-critical services into the Group
Sustained focus on creating value for shareholders
13% increase in basic underlying eps to 70.3p
13% increase in full year dividend after adjusting for Rights Issue
Peter Rogers, Chief Executive commented
"Babcock maintained its record of delivering strong revenue and profit growth with all our divisions making progress, building on our leading position in engineering support services. We produced a top-class financial performance, driving strong cash flow and cash conversion, delivering another year of growth in shareholder value.
Our markets remain buoyant and we enter the new financial year with a powerful platform for further growth in the UK and overseas. Building on the strong growth in revenue and earnings delivered in the 2013/14 financial year, the Board is confident the Group will continue to make further strong progress in the 2014/15 financial year."
