THE £1 billion rebuild of Devonport’s submarine dock and the complete overhaul of HMS Victorious have helped defence firm Babcock International to grow profits to £154 million.
The company’s half-year results revealed work in Plymouth was key to its growing revenue and profits. The figures, for the six months to the end of September, showed Babcock’s underlying operating profit had leapt to £154.4m from £121.7m a year earlier. Revenue had gone up to £2,177m from £2,144m and net debt had been slashed from £1,039m to £492.5m.
The company said the organic revenue growth of 18%, included major infrastructure programme growth. Among highlights for the period, Babcock mentioned key projects in its nuclear division at Devonport Royal Dockyard.
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