Babcock improves turnover to £440m

Babcock International's financial results show an improved turnover of £440m generating a pre-tax profit of £20m.
A major support services provider to the Ministry of Defence's naval sector, its corporate strategy of pushing into a wider client base has prompted a £96m bid for Peterhouse. The bid won 42% acceptances at the close of the first offer period. The extension period expires tomorrow (Thursday 27 May).
Babcock chief executive Peter Rogers said: "Last year was a good one for Babcock. Margins in continuing businesses remained above our target level and cash control was excellent, resulting in a strengthened balance sheet. Peter-house will bring further benefits and widen our customer base.
"This business has similar characteristics to that of Babcock in that it provides project management services to its customers in operations that have a high technical content," Rogers said.
"It has, however, a different customer base to that of Babcock and as such the combined group would have a more balanced portfolio of customers."