Engineer on the hunt for 拢1.5bn more deals since January 31

Money

Engineer Babcock is hunting for 拢1.5bn of additional contracts since 31 January, pushing its bid pipeline up to 拢15.5bn.

In a trading update ahead of its full year results in May, the firm said it expected its results to be in line with expectations and to show 鈥渟trong progress鈥� on the previous year.

Net debt is expected to approach 1.5 times EBITDA (earnings before interest, taxes, depreciation, and amortization).

The firm said: 鈥淎cross our businesses, market conditions have been positive. In both our civil and military markets, a number of significant transformation and investment programmes are being progressed.

鈥淎s a result, bidding activity remained high throughout the year and we continue to track significant new outsourcing opportunities.鈥�

The additional bids include the Ministry of Defence鈥檚 logistics and commodities services transformation deal, being bid in joint venture with DHL.

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