Babcock makes good start

8th Jul 2010 07:46

Engineering support services group Babcock International said its fiscal year has started well and trading has remained resilient.The group said it believes that there will be an increase in outsourcing opportunities as the government seeks to address the fiscal deficit in the UK.Since the start of this financial year, the order book has been stable at around £8.3 billion. "We believe our major markets remain attractive with significant long-term growth opportunities in both the UK and overseas and that these opportunities are considerably enhanced by the increased scale and capabilities we expect the acquisition of VT to bring to the group," it said. "Across our businesses we have excellent visibility, supported by the long-term nature of our contracts, a strong order book and robust bid pipeline. We believe the outlook for the 2010/11 financial year remains positive and we look forward to another year of good progress."Babcock added that its proposed acquisition of VT has received all the necessary competition and regulatory clearances, in both the UK and US.