Babcock half year profit up 30 percent

Source: Reuters

Date :11/11/2008 07:48:24

Support services group Babcock International on Tuesday reported a 30 percent increase in first half profit and said the prospects for further growth within its core markets are good.

Babcock, which is involved in the shipbuilding, defence, rail and nuclear sectors, reported pretax profit for the six months to September 30 of 50.9 million pounds on revenue 40 percent higher at 940.6 million.

The biggest supplier of services to the Royal Navy increased its interim dividend by 21 percent to 4 pence and said its marine, nuclear and engineering units had performed especially well during the period.

"The market sectors in which we operate remain attractive with good growth prospects. Overall trading conditions across the group remain strong and the major contracts signed in the first half provide good long term visibility," Chief Executive Peter Rogers said in a statement.

(Reporting by Rhys Jones)

LONDON (Reuters)