Latest news with #BabcockInternational
Scotsman
8 hours ago
- Entertainment
- Scotsman
Edinburgh International Festival 'back to what we're used to' next year, vows Nicola Benedetti
Sign up to our Arts and Culture newsletter, get the latest news and reviews from our specialist arts writers Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... The Edinburgh International Festival (EIF) will be returned to its full scale by this time next year, director Nicola Benedetti has vowed - but she conceded the iconic opening event may not return. The violinist said a strategy to increase the cost of tickets at the higher end of the scale to fund concessions aimed at opening up the festival to a wider audience had been successful, saying there had been an uptick in both sales volumes and revenue compared to 12 months ago. Advertisement Hide Ad Advertisement Hide Ad Nicola Benedetti, director of Edinburgh International Festival, at the launch of the programme for this year's event, which has the theme of "the truth we seek" (Picture: Lisa Ferguson) | Lisa Ferguson And she insisted the EIF's partnership with Baillie Gifford would continue beyond this year, despite backlash from pro-Palestine campaigners, who hit out at the Edinburgh fund manager over its investments in defence firm Babcock International. Ms Benedetti said the festival was 'confident in our decision' to retain ties with Baillie Gifford. Ms Benedetti said she wanted local authorities to make it easier to open up public spaces for cultural purposes - such as allowing this year's EIF Big Singalong with Dougie MacLean in Princes Street Gardens. She said she hoped to gain access to Festival Square outside the Usher Hall in future years, for free, drop-in performances and a Fringe style street food and beverage offering. The EIF director described the decision not to hold a major opening ceremony this year as 'not a big loss'. However, she did not rule out its return in future, saying it could come back 'possibly, but not necessarily'. 'It is not a big loss,' she said. 'The power of each one of these moments is that you can only occupy the space you're in at that time. Everybody's going to make choices and we're meant to be different every year. We're not meant to be a carbon copy and things that are predictable. Advertisement Hide Ad Advertisement Hide Ad 'All of our fundraising efforts are in full top gear and the festival, I'm confident will enter again, a period of growth and intensifying of presenting the world's greatest art. 'This year was a bit of an outlier because we did not know what funding we were getting. But I would say we should be back to a similar scale by next year to what we're used to.' Today, on the eve of the EIF's 2025 launch, ticket sales are already at 70 per cent - 11 per cent higher than the 59 per cent of tickets sold at the same time last year. The festival is this year a 'scaled-back' model, due to the uncertainty surrounding funding last year. There are a total of 133 performances scheduled for this year compared to 161 in 2024. Advertisement Hide Ad Advertisement Hide Ad The grand opening event, which has previously included light projections and large-scale concerts at Edinburgh Castle, Tynecastle Park football stadium and the Usher Hall, has also been cancelled. But the EIF will still boast a programme that includes more than 2,000 internationally renowned artists from across 42 nations. This year's festival has a tiered ticketing system with a focus on affordability and accessibility. A significant portion of tickets are priced at £30 or less. Every performance offers £10 tickets for those who need them. Festival director and violinist Nicola Benedetti. Picture: Jane Barlow/PA Wire Ms Benedetti said: 'We've had an uptick in our in our sales, so everything for us is very much moving in the right direction. And some of that is programming choices, but some of it is also affordability.' Advertisement Hide Ad Advertisement Hide Ad The EIF was one of a number of organisations to receive multi-year funding from Creative Scotland in January. At the time, Ms Benedetti said she was 'greatly relieved' to see the EIF's core funding increase from its annual grant of around £2.3m to £3.25m this year and £4.25m from next year. However, she told The Scotsman a mix of funding sources was needed to maintain the festival and described the corporate partnership landscape as 'very challenging'. Last year, the Edinburgh International Book Festival was forced to end its partnership with Baillie Gifford, warning it was no longer able to deliver a 'safe and successful' event amid 'threats of disruption'. Meanwhile, the EIF has itself come under scrutiny from the Art Workers for Palestine Scotland movement due to its ties with the Edinburgh-based fund manager's investments in Babcock International. Advertisement Hide Ad Advertisement Hide Ad Ms Benedetti insisted the partnership with the fund manager would continue beyond this year amid a 'continual dialogue' over ethics. She said there were 'live discussions' with other companies over potential tie-ups. 'I think people have been put off entering into corporate partnerships with artistic organisations, given the the intensity of attack and backlash over the likes of Baillie Gifford,' she said. 'We scrutinise all of our partnerships and relationships on a continual basis, and that is a an open and active conversation between our staff and our board. But we're proud of the partners that we have working with us at the festival.' She added: 'We welcome the right corporate partners and will continue to seek that kind of portfolio fundraising, whether that is individual philanthropists and donors, whether it's statutory funding or trusts and foundations, or that of corporate partnerships.' Advertisement Hide Ad Advertisement Hide Ad Ms Benedetti wants to open up Festival Square opposite the Usher Hall as a community space, with the 'full kind of food and beverage experience', as well as drop-in concerts. She called for authorities to make the process more straightforward. 'It's quite competitive and complicated for us, a charity that is trying to provide free access and cultural experiences that is available on a drop-in basis for the public,' she said. 'The process of securing these spaces can be just arduous and time consuming and has a commercial, competitive feel to it. 'We want to work towards these spaces being as as available for that purpose as possible.' Ms Benedetti said she believed collaboration between festivals was key, pointing out that members of the public did not visit only one festival. Advertisement Hide Ad Advertisement Hide Ad
The Herald Scotland
9 hours ago
- Business
- The Herald Scotland
Benedetti vows Festival will 'double down' on post-war ethos
Benedetti said the festival, which was launched in 1947, was determined to ensure it offered a protected space for 'artistic reflection on the pain and suffering of people from around the world.' Read more: However Benedetti said the festival would not be 'disintegrating' any of its corporate partnerships, despite calls from pro-Palestine campaigners to sever links with [[Edinburgh]]-based finance firm Baillie Gifford over the company's links with Israel. The Herald told last year how Baillie Gifford held more than £60m worth of shares in defence giant Babcock International, which has been linked with state-owned [[Israel]]i arms companies. Nicola Benedetti is overseeing her third programme as Edinburgh International Festival director. Benedetti said the festival did not want to 'hide' from scrutiny over how it is funded, but instead insisted would be responding by 'doubling down' on its key purpose of bringing artists together. She suggested it would be impossible for the festival, which has secured almost £12m in Scottish Government funding for the next three years, to be supported by 'clean money' in future. This year's festival, which has launched its first performances, will feature more than artists from different 42 nations. The official programme recalls how the festival was instigated in 1947 by Rudolf Bing, a 'cultural pioneer and Jewish refugee of the Nazi regime,' with the first event 'transcending political boundaries through a global celebration of performing arts. In an interview with The Herald ahead of the festival's opening weekend, Benedetti said: 'For some people, a festival at the height of artistic excellence is an escape moment and a step away from the daily routines, thoughts and experiences of everyday life. 'There are some aspects of what we present that is deeply, beautiful and fun. We need to protect that. 'But with the festival having such an origin story of depth and the overcoming of deeply-factured relationships we also have a serious job to do to bring together and present otherwise disparate and sometimes opposing viewpoints. 'A changed mind and the presentation of an idea always has the possibility of changing the world for the better. 'It is not a requirement that if you come to our festival you must enter into some kind of activism, but that aspect of our festival is there.' Benedetti, the first Scottish director of the EIF and the first woman to be appointed, said she would not have taken on the role if she not believe in the importance of its founding principles. She told The Herald: 'I feel a deep and constant pain over what is happening in Gaza. 'I don't think it's wrong or strange for any of us to question the weight and worth of what we are doing given the intensity and volume of suffering unfold before our eyes, and the strength of our individual conviction about where we stand and what it says about our identity. 'That naturally reflects on every decision we make. It is front of mind for me on a continuous basis. 'For a festival like ours, to be able to give voice to artists from around the world, where perspectives can be challenged and we can have conversations which are either not being had, or are difficult to have in a more strictly-controlled politically event, I think our space should be protected for all that to be possible.' The festival is among a number of Scottish arts organisations targeted by the campaign group Art Workers For [[Palestine]] Scotland over its backing by Baillie Gifford. However the EIF recently backed an open letter from arts organisations across the UK warning of the impact of 'relentless negativity' over corporate sponsorship. Benedetti said: 'There is no hiding from that scrutiny, but I also don't wish the festival to. 'We have to reaffirm within our walls on a daily basis our purpose, our decisions and whether we are standing where we should be standing to protect space for artistic reflection on the pain and suffering of people from around the world. It is my job and the job of the festival to uphold that space. 'To go out in the street and protest is a personal choice for many of us. 'But this festival has founding principles. I wouldn't have taken this job if I didn't believe in the importance of them and their offer to humanity. 'It is unquestionable that we should be scrutinised. But our answer to that is a doubling down on what our purpose is. "That cannot be deterred. It can be deepened and strengthen, but I am unwavering on what our purpose is." Benedetti said the festival had been 'constantly' reworking its policies, including on ethical funding and sustainability. But she added: 'A huge amount of our last strategy day with our board was about trying to address these issues because we take them unbelievably seriously. 'But we have a job to do, and we are trying to focus on doing that job well, which is about putting the greatest artists who have the most to say on our stages. 'Festivals have got to be funded by somebody. Where are you going to find a clean money source that is absolute and that picture is not going to change the digger you deep? Does government money count? Does the money of an individual?' Benedetti admitted it was a challenge for the arts world to balance providing space for people with 'strongly-held beliefs' with 'protecting yourself to be able to do the job that you believe in.' She added: 'We don't know what we are going to see this summer. All we can do is scrutinise our own choices and prepare as much as possible. 'We are not trying to head towards a disintegration of corporate partnerships. 'We want to work with the right people. We are incredibly pro-active with the choices we make and the relationships we have. We value all of the partnerships that we have hugely.' To purchase tickets for the Fringe, please click here
Yahoo
26-06-2025
- Business
- Yahoo
Babcock International Group (LON:BAB) rises 7.8% this week, taking five-year gains to 265%
When you buy shares in a company, it's worth keeping in mind the possibility that it could fail, and you could lose your money. But on the bright side, you can make far more than 100% on a really good stock. For example, the Babcock International Group PLC (LON:BAB) share price has soared 260% in the last half decade. Most would be very happy with that. It's also good to see the share price up 54% over the last quarter. This could be related to the recent financial results, released recently - you can catch up on the most recent data by reading our company report. The past week has proven to be lucrative for Babcock International Group investors, so let's see if fundamentals drove the company's five-year performance. We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free. There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time. During the five years of share price growth, Babcock International Group moved from a loss to profitability. That kind of transition can be an inflection point that justifies a strong share price gain, just as we have seen here. Since the company was unprofitable five years ago, but not three years ago, it's worth taking a look at the returns in the last three years, too. We can see that the Babcock International Group share price is up 260% in the last three years. Meanwhile, EPS is up 15% per year. Notably, the EPS growth has been slower than the annualised share price gain of 53% over three years. So one can reasonably conclude the market is more enthusiastic about the stock than it was three years ago. The graphic below depicts how EPS has changed over time (unveil the exact values by clicking on the image). We know that Babcock International Group has improved its bottom line lately, but is it going to grow revenue? Check if analysts think Babcock International Group will grow revenue in the future. It is important to consider the total shareholder return, as well as the share price return, for any given stock. The TSR is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. As it happens, Babcock International Group's TSR for the last 5 years was 265%, which exceeds the share price return mentioned earlier. The dividends paid by the company have thusly boosted the total shareholder return. It's good to see that Babcock International Group has rewarded shareholders with a total shareholder return of 119% in the last twelve months. And that does include the dividend. That gain is better than the annual TSR over five years, which is 30%. Therefore it seems like sentiment around the company has been positive lately. Someone with an optimistic perspective could view the recent improvement in TSR as indicating that the business itself is getting better with time. If you would like to research Babcock International Group in more detail then you might want to take a look at whether insiders have been buying or selling shares in the company. Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of companies we expect will grow earnings. Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on British exchanges. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
25-06-2025
- Business
- Yahoo
Babcock shares surge 13% on stunning FY update! Can they keep climbing?
For years, Babcock International (BAB.L) shares were one of the laggards of the UK defence sector. Contract delays, cost overruns, high debts and accounting issues meant it significantly trailed the likes of BAE Systems (BA.L) and Rolls-Royce (RR.L). Yet while risks remain — it booked another £90m cost overrun provision on a Royal Navy contract — the FTSE 100 company looks a very different beast following heavy restructuring. Babcock's share price has rocketed 120% over the past year, giving it a place in the prestigious Footsie blue-chip index. Given that global defence spending's tipped to continue soaring, can the defence giant keep up its recent impressive momentum? Its share price was continuing to climb after the release of blowout full-year financials on Wednesday (25 June). They revealed a 10% rise in revenues — or 11% on an organic basis — which hit £4.83bn in the 12 months to March. Babcock's underlying profit margin improved to 7.5% from 5.4% previously. Underlying operating profit surged 53%, to £362.9m, even after accounting for that £90m provision related to its Type 31 frigate programme. On a statutory basis, profits were up 51% at £363.9m. Underlying free cash flow was £153.4m, down from £160.4m in fiscal 2024. But net debt still dropped more than £62m year on year, to £373.3m, pulling down Babcock's net-debt-to-EBITDA ratio to 0.3 from 0.8 previously. This led the company to hike the full-year dividend 30% to 6.5p per share. It also plans to repurchase £200m worth of shares this year, the first buyback in its history. Today's results show that Babcock's thriving in a market that's growing at a rate not seen since for many years. As the firm's chief executive David Lockwood puts it: 'This is a new era for defence. There is increasing recognition of the need to invest in defence capability and energy security, both to safeguard populations and to drive economic growth.' In acknowledgement of this, Babcock's also raised its medium-term sales and margin guidance. It now expects to achieve average mid-single-digit revenue growth, and an underlying operating margin of 'at least' 9%. This is tipped to rise to 8% in financial 2026, a year ahead of schedule. Analyst Mark Crouch of eToro also commented: 'With Babcock's core income derived from long-term government contracts in naval, nuclear, and aerospace defence, the company is well-positioned to capitalise on what looks set to be a sustained period of investment.' The shares soared 13% on Wednesday's update, taking its forward price-to-earnings (P/E) ratio to 22.3 times. This is substantially above a reading of 12-13 times it was trading on just a year ago. As a consequence, it'll have to keep performing strongly lest it experiences a potential share price correction. And there are risks to its impressive recent momentum, from prolonged cost overruns on key contracts, to broader supply chain issues and competitive pressures facing the broader defence industry. Yet it's important to note that Babcock's still cheaper than many of its industry peers. BAE Systems and Rolls-Royce's corresponding P/E ratios are higher at 25.5 times and 38.1 times, respectively. On balance, I think Babcock's a top stock to consider in the current climate, with fresh price gains very possible. The post Babcock shares surge 13% on stunning FY update! Can they keep climbing? appeared first on The Motley Fool UK. More reading 5 Stocks For Trying To Build Wealth After 50 One Top Growth Stock from the Motley Fool Royston Wild has no position in any of the shares mentioned. The Motley Fool UK has recommended BAE Systems and Rolls-Royce Plc. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Motley Fool UK 2025 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Guardian
25-06-2025
- Business
- The Guardian
It's also a ‘new era' for share prices in the defence sector
It's a miracle. Babcock International, the defence contractor with a specialism in kitting out the UK's nuclear submarines, has emerged from the depths. After about half a decade in which the story was mostly about cost overruns, acquisition indigestion, accounting woes, pension deficits and too much debt, Babcock is suddenly back in the FTSE 100 index and is a hot stock. The share price has more than doubled this year. Of course it's not really a miracle because the performance is easily explained. A fix-the-basics strategy started in 2020 under ex-Cobham boss David Lockwood and has worked. The last of the badly performing major contracts – to build first-of-a-kind Type 31 frigates for the Royal Navy – is no longer spitting out provisions. Meanwhile, the group has kept its promises to the City on cashflow et cetera and was able on Wednesday to lift its medium-term target for operating margins by a percentage point to 9%. The pension position is vastly improved, dividends are back and there's enough cash for a £200m buyback. Yet that progress alone would not have pushed the shares so high so soon. The other part of the tale, of course, is 'the new era for defence' as Lockwood put it, meaning the coming Nato splurge in spending. Babcock's full-year numbers happened to land on the day that Nato allies formally declared a commitment to invest of 5% of GDP annually on defence and security by 2035. 'Public market investors appear convinced this pivot in govt spending will happen. European defence stocks are trading like crypto/memes,' tweeted Simon French, the chief economist at Panmure Liberum. You can see what it means. If the share prices of Babcock, Rolls-Royce (up 56% this year) and BAE Systems (58%) are soaring, try Germany's largest arms company, Rheinmetall – 158% higher since January. It's true the Nato commitment is enormous. Analysts at Berenberg calculate the core defence spending element (ie not the whole) adds up to $600bn a year, of which $350bn would come from non-US allies, assuming the US and countries in Europe's north and east spend 3.5% of GDP, while countries in Europe's south and west only manage 2% and others do 3%. In Babcock's case, it is the second largest contractor to the Ministry of Defence so can hardly fail to benefit from the natural home bias in defence spending. The UK has already committed £6bn to upgrade nuclear submarine production and the list of what Babcock does elsewhere is long – from maintenance work with long-term contracts for all three armed forces, to technical trading and more. Meanwhile, on its civil nuclear construction side, the breezes are also strong, assuming Sizewell C and small modular reactors happen. This is specialist stuff; the world is not awash with competitors. Whether the 'new era' for defence really arrives as scheduled, and to the last percentage point, is open to question. Share prices in the sector may also be ahead of events. Defence companies, traditionally viewed as dull income stocks even when the contracts are free of hiccups, are now typically trading on 25-times earnings. That will take some getting used to. But it's hard to argue with the general direction. If even three-quarters of these spending commitments are fulfilled, a fundamental change is happening.
