Babcock International Group has received £37.3 million in dividends from its joint ventures (2018: £20.0 million). Cash dividends (including to minorities of £0.6 million) paid out in the year totalled £116.3 million (2018: £115.5 million). The Group expects dividends from its joint ventures to remain stable at around £45 million in 2019/20 and for the next two years before stepping down.
Results in line with our expectations for the phasing of this financial year
Underlying revenue of £2,458 million is flat after the impact of the step downs
Underlying operating profit of £251 million on the new IFRS 16 basis. On a pre-IFRS 16 basis underlying operating profit was
£238 million, reflecting the phasing of the step downs
Statutory revenue down 2.7%. Statutory operating profit of £168.7 million is higher than last year which included £120 million of exceptional charges
Underlying basic EPS of 32.5p
Free cash flow of £6.8 million reflects the expected phasing of operating cash flow. The reduction in free cash flow compared to last year mostly relates to the benefit of Fomedec working capital in the prior year
Net debt (pre-IFRS 16 basis) of £1,138 million; net debt (IFRS 16 basis) of £1,754 million
