Engineering support services player Babcock (BAB) issued a reassuring third-quarter trading update which said that market conditions were positive with buoyant activity levels in all divisions. The bid pipeline has expanded to £18.5bn, up from £15.5bn at the end of the first half, and Babcock notched up around £700m of new contracts in rail, defence and energy in the quarter.
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The company also highlighted recent acquisition activity and said its financial position remains solid with healthy conversion of profits to cash. But there was no update on the potential joint venture with helicopter group Avincis.
