Babcock looking ahead with confidence

Babcock International Group said first quarter results are in line with internal expectations and having refocused as a support
services business the company is looking forward to the future with confidence.

In a statement to shareholders at the group's Annual General Meeting today (Friday), chairman Gordon Campbell said Babcock has an order book of over £600m and is currently bidding for contracts with a capital value of some £5bn.

He also confirmed that Peter Roger, currently chief operating officer, is to become chief executive from next month as part of the move towards splitting the roles of chairman and chief executive.

And, Campbell said, while noting that Babcock's share performance has outperformed its sector peers in the last five years, proposals are to be put to shareholders for an incentive scheme for senior executives which "will align their remuneration with the relative total shareholder return".