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Babcock International Group PLC on Tuesday maintained annual guidance after a first-half revenue improvement, though profit declined.
The London-based aerospace, defence and nuclear engineering services firm said its pretax profit in the six months that ended September 30 fell by 13% to £51.2 million from £58.8 million a year ago.
Its revenue was up 0.5% to £2.14 billion from £2.13 billion.
Babcock explained its falling profit was largely down to a £28.7 million non-cash mark-to-market movement on currency derivative contracts.
It declared no interim dividend for the half year period, unchanged from a year earlier.
Babcock maintained its overall expectations for financial 2023, expecting to turn free cash flow positive in the second half.
‘With over 90% of FY23 revenue contracted as at 30 September 2022, we have good visibility of the top line,’ the company added.
Shares in Babcock were up 4.4% to 302.62 pence in London on Tuesday morning.
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