Growth driven by strong underlying operational performance - business model and strategy well suited to current economic
o 6% growth in revenue
o 14% growth in operating profit
Cash conversion of 117%, net debt reduced to £550.6 million; net debt:ebitda 1.5 times
£12 billion order book (2012: £13 billion) providing excellent visibility of future revenue
Significant future opportunities being progressed - bid pipeline £15.5 billion (2012: £9.5 billion)
Sustained focus on creating value for shareholders
o 16% increase in basic underlying eps to 71.3p
o 16% increase in full year dividend
Peter Rogers, Chief Executive commented
"Babcock performed strongly last year, driven by our clear leadership in the growing markets for engineering support services. We generated good growth in underlying revenue and further improved our operational performance to deliver increases in operating margin, underlying earnings and shareholder value.
The very substantial expansion of our bid pipeline reflects the continued buoyancy of our markets - public and private sector, civil and defence, UK and overseas - as customers seek trusted suppliers to maintain or enhance service quality at lower cost. With our strong order book and financial base, we are well positioned for further strong progress this year.