Babcock full year results announced for year ended 31 March 2023

Babcock’s full year results for the year ended 31 March 2023 have been released today.

David Lockwood, Chief Executive Officer, said:

“We’ve made excellent progress this year, with better-than-expected cash generation, margin expansion and double-digit revenue growth. When we started our transformation, my first goal was to stabilise and strengthen the balance sheet and I’m delighted to say that work is complete. Babcock is now a higher-quality, lower-risk and more predictable business, with a clear focus on execution.

“In a world of significant instability, national security has never been more important. With defence making up two-thirds of the Group, the combination of capability, availability and affordability we offer, is increasingly relevant. I’m excited by the momentum building across the business, and that confidence is reflected in our expectation of continuing cash-backed profitable growth, and reintroducing a dividend in FY24.”

You can view the full statement here and watch a video from our Chief Executive below.