Babcock says financial position remains robust

11th Jul 2013 07:04

Engineering company Babcock International Group has kicked off the 2013/14 financial year in line with its expectations, delivering strong trading results. Without providing figures, the firm released a statement saying all its business units performed well in the first quarter with high activity levels.Babcock said its financial position remains robust and cash generation across the group has remained strong through the period.The order book remains stable at around £12bn and continues to provide visibility of future revenues, supporting a positive outlook for this year. The bid pipeline also remained steady at £15.5bn. The bids, along with opportunities which are still being tracked, will be the key drivers of growth over the next few years. Markets remain positive as the current economic environment continues to create new long-term outsourcing opportunities. Against this backdrop, the company reckons it is well positioned to benefit through its business model, scale of operations and track record of delivering operational and financial efficiencies for customers. "With excellent visibility of future revenue from the strong order book and bid pipeline, the board is confident that the group will continue to make further strong progress and that results for the 2013/14 financial year will be in line with its expectations," the company said.RD