Babcock loses out on contracts

Engineering firm Babcock yesterday said that it will not be awarded any of the next tranche of real estate contracts set to be outsourced by the Ministry of Defence, sending its shares down 1.9 per cent. Babcock had bid for three of the contracts but said that after discussions with the Defence Infrastructure Organisation it is no longer in the running. The contracts are worth a total of £4.35bn. A consortium led by Carillion was last month awarded the first tranche, worth £1.8bn.

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