THE DAILY BRIEFING

REVENUE RISES Profits have soared at leading engineering firm

Babcock, up 9.7pc from £330m to £362m over the latest year. The company, whose outsourcing clients include the Ministry of Defence, says it has £19bn of orders. Revenue increased 7.7pc to £5.2bn. DIVIDEND UP The infrastructure investment company that has just snapped up Affinity Water says profits have risen to £176.8m. Guernseybased HICL Infrastructure will pay a dividend of 7.65p, up 7.45p from the year before. HOGG SWOOPS Corporate services and business travel provider

Hogg Robinson Group is buying online flight booking service eWings. Hogg also announced a 4pc growth in profit to £37m. WATCHDOG BLESSING Online lender Funding Circle has finally been given full authorisation by the City watchdog, the Financial Conduct Authority, and it will now be able to launch a special Isa for investors and save tax for its customers. SALES SOAR The ageing population helped FTSE 100 private healthcare provider Mediclinic post rising sales despite poor performance in the Middle East. Revenues increased 30pc to £2.7bn in the year to the end of March 31.

INITIATIVE LAUNCH Tool firm HSS said its performance was in line with expectations as it implements new sales initiatives to revive its ailing rental business.

The struggling company said that its sales had fallen 4.9pc to £80.2m in the 13 weeks to April 1 – as it was hit by one trading week fewer than in the previous year and the closure of 55 of its branches. MALTESE MERGER Telecoms firm Vodafone has announced it is merging its Malta business with the country’s leading cable, broadband and pay-TV provider. The Maltese company, Melita, will own 51pc of the combined company while Vodafone Europe will own the remaining 49pc. Vodafone will receive about £103m from the deal. Its shares closed up 0.5pc, or 1.1p, to 225.35p.

STRONG START Big data group WANdisco said 2016 had been a year of substantial progress and that it was now in a position to deliver positive earnings.

David Richards, chief executive, said: ‘I am also pleased to report WANdisco has made a strong start to 2017.’ Shares jumped 3.4pc, or 15p, to 460p.