Devonport Dockyard operator Babcok enjoys a boom in the recession
DEVONPORT Dockyard operator Babcock International Group PLC said it is going from strength to strength – because of the recession.
In a pre-close trading statement the firm said it had an order book of about £13billion of work.
And the statement said: “Babcock is well positioned to help our customers formulate cost efficient support solutions and we believe the current economic climate will continue to create significant medium and long-term growth opportunities both in the UK and overseas.”
The engineering support services company, reporting on the half year ended September 30, said trading continued to be positive during the first half of the 2012/13 financial year and bosses remain confident of meeting expectations for this financial year and “delivering strong progress on last year”.
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The statement said: “Our businesses continue to experience buoyant market conditions, in both civil and military markets, as current and potential customers continue to seek increased efficiency and improved availability of assets.
“This is driving further opportunities for the group, where we can benefit from our market leading positions and our track record of delivering efficiencies for our customers.
“During the first half, cash generation across the group has remained strong and as a result we expect to see further reduction in net debt at the half year.
“Across the divisions there has been a regular flow of smaller contract wins.”
Babcock’s half year results will be released on Tuesday, November 6.