Strong growth powers Babcock

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The Independent Online

Babcock international, the defence group that maintains the Navy's submarines, posted a 57 per cent rise in full-year profits, driven by strong growth at its support services and international businesses. Babcock reported an underlying pre-tax profit of £228m on revenues50 per cent higher at £2.89bn for the year to the end of March. The company, which last year bought out rival VT Group, said the integration had progressed speedily and that delivery of the £50m cost synergies was on schedule.