Less Revenue Growth in Fiscal 2018, but Babcock’s Margin Benefits From Restructuring Efforts
Babcock’s third-quarter trading update reveals a mixed picture for second-half 2018, as management increased group margin guidance (a slight increase versus our estimate of flat margin year on year) but also slightly reduced revenue guidance due to delayed Ministry of Defence procurement of spare and commodity items and reduced demand for marine transportation systems in the oil and gas sector. The main drivers of Babcock’s higher margins are improved business mix (less low-margin spares and co...
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