Babcock International Group - Steadfast defence
Babcock’s capital markets day reaffirmed its transformation over the past two years, facilitated by a series of disposals and a focus on core defence expertise (69% of H124 revenue). It is well positioned to capitalise on growing global defence budgets stemming from geopolitical tensions, and to continue developing its overseas partnerships. With a strengthened balance sheet (H124 gearing of 1.1x), cash flow visibility, a healthy order backlog of £9.6bn (more than 90% of FY24 revenue covered) and improved relations with the UK Ministry of Defence (MOD), which is favouring more British SME suppliers, there appears to be plenty of upside potential.Babcock International Group is a holding company. Through its subsidiaries, Co. operates in four sectors: Marine, which provides an array of marine and naval engineering services; Land, which provides fleet management and training for customer-owned defense, emergency services, global airport and commercial vehicle fleets, as well as engineering services and technical training for customers worldwide; Aviation, which delivers an array of engineering services to defense and civil customers; and Cavendish Nuclear, which delivers nuclear engineering on nuclear decommissioning programs and projects across the U.K., as well as nuclear engineering services in training and operation support.
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