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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Babcock International Group    BAB   GB0009697037

BABCOCK INTERNATIONAL GROUP (BAB)
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05/18BABCOCK INTERNA : annual earnings release
04/24BABCOCK INTERNA : Crossing thresholds
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Babcock selected as preferred bidder for Royal Navy support deal

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04/03/2017 | 09:32am CEST

(Reuters) - Britain's Babcock International Group Plc (>> Babcock International Group PLC) said it was selected as a preferred bidder for a deal worth about 360 million pounds to provide support services to Royal Navy warships over seven years.

(Reuters) - Britain's Babcock International Group Plc (>> Babcock International Group PLC) said it was selected as a preferred bidder for a deal worth about 360 million pounds to provide support services to Royal Navy warships over seven years.

The engineering outsourcing firm will manage the technical configuration of systems for two classes of Royal Navy vessels, supply spares and provide in-service support, Babcock said.

Britain's outsourcing market, the second biggest in the world behind the United States, has been hit in recent months as clients in the private and public sectors delay new spending decisions. This has prompted profit warnings from Capita (>> Capita PLC) and Mitie (>> Mitie Group PLC).

However, Babcock said last month that it expects to benefit from U.S. President Donald Trump's demand that NATO members spend more on defence.

"Winning all four parts of the MSSP (Marine Systems Support Partner) contract is useful at a time of heightened debate around growth for outsourcing companies," Jefferies analysts wrote in a note.

The analysts expect the contract to contribute one percent to organic growth and a similar amount to earnings per share.

Babcock offers engineering and technology-related services to the defence, energy, emergency services, transport and education sectors.

The announcement comes a week after Babcock shares tumbled following a deal with Britain's Nuclear Decommissioning Authority (NDA) to end a contract to clean up 12 Magnox nuclear sites.

($1 = 0.7971 pounds)

(Reporting by Arathy S Nair in Bengaluru; editing by Jason Neely)

Stocks mentioned in the article
ChangeLast1st jan.
CAPITA -2.46% 136.95 Delayed Quote.-42.57%
MITIE GROUP 5.47% 194.6 Delayed Quote.-4.50%
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Financials ( GBP)
Sales 2018 5 273 M
EBIT 2018 528 M
Net income 2018 346 M
Debt 2018 1 238 M
Yield 2018 3,86%
P/E ratio 2018 11,03
P/E ratio 2019 10,69
EV / Sales 2018 0,97x
EV / Sales 2019 0,90x
Capitalization 3 896 M
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Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 8,34  GBP
Spread / Average Target 8,0%
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Managers
NameTitle
Archibald Anderson Bethel Chief Executive Officer, CFO & Executive Director
Michael John Turner Chairman
Franco Martinelli Executive Director & Group Finance Director
John Wallace Howie Executive Director & CEO-Technology
David Omand Senior Independent Non-Executive Director
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