LONDON (dpa-AFX) - Aerospace and defence company Babcock International Group PLC (BAB.L) on Wednesday reported profit before tax of 235.2 million pounds for the year ended 31 March 2019, down 39.9 percent from 391.1 million pounds in the previous year. Earnings per share were 39.5 pence, down from 66.6 pence last year.
However, underlying pretax profit improved 1.1 percent to 517.9 million pounds from 512.5 million pounds a year ago. Underlying earnings per share were 84.0 pence, compared to 83.0 pence last year.
Revenue for the year declined 4.0 percent to 4.47 billion pounds from 4.66 billion pounds in the prior year. Underlying revenue declined 3.8 percent for the period.
The company said its board has recommended a final dividend of 22.9 pence. If approved by shareholders at the AGM on 18 July 2019, this will give a total dividend for the year of 30.0 pence, an increase of 1.7 percent from 29.5 pence last year. The final dividend will be paid on 9 August 2019 to shareholders on the register at 5 July 2019.
Babcock noted that as previously announced, the year ending 31 March 2020 will be affected by a number of step downs. In total, these step downs will reduce revenue by 410 million pounds and operating profit by 63 million pounds.
The company said it expects full-year underlying revenue to be around 4.9 billion pounds, and underlying operating profit in a range of 515 million pounds to 535 million pounds.
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