PwC fined £7.5m over repeated failures in audit of Babcock International’s accounts FRC fines PwC Britain’s accounting watchdog has fined PwC and two of its former partners a combined sum of almost £8m over repeated failures in the firm’s audits of UK defence company Babcock International and its Plymouth dockyard subsidiary. The UK’s Financial Reporting Council (FRC) hit PwC with a £7.5m fine – discounted to £5.625m for the firm’s [...]
British defence titans boosted by global tensions rising profits Britain’s defence titans are benefiting heavily from the volatility sweeping the geopolitical stage, with profits on the rise, full-year outlooks cemented and blockbuster contracts in the pipeline. London-listed defence engineer Babcock today posted a underlying operating profit of £121.7m for the six-months ended to the end of September, compared to £115.3m a year earlier. Meanwhile [...]
Babcock to sell emergency aviation division as part of disposal programme Babcock's offloads UK Government contractor Babcock is reportedly in talks to sell its emergency aviation services as part of its disposal programme. The group is expected to sell the division to infrastructure investment manager Ancala Partners for around £100m, Sky News broke the news today. The UK Air Ambulance fleet is part of Babcock’s division but it [...]
Babcock expects to post a loss this year due to Covid-19 pressures February 25, 2022 British defence contractor Babcock said it expects to record a significant loss in the financial year 2021/22, due to the impacts of Covid-19 on the global economy. The London engineering company said its efforts to manage its costs, in the face of supply chain pressures and soaring inflation, would deliver savings of £20m this financial [...]
Babcock finalises AirTanker £95m sale as part of disposal programme February 10, 2022 Engineering giant Babcock has finalised the £95m disposal of its 15.4 per cent stake in air transport firm AirTanker. A joint venture between Airbus, Thales and Rolls-Royce, AirTanker owns its 14 A330 Voyager planes, which uses for air-to-refuelling services for the UK Ministry of Defence. The company, part of Babcock’s aviation sector and accounted as [...]
Babcock finalises sale of energy business as it seeks to streamline operations December 24, 2021 Babcock has finalised the sale of its energy business today for a total of £50m, as it seeks to streamline the company. The London-based aerospace, defence and nuclear engineering services company, had been delivering power to National Grid, Scottish Power Energy Networks and Western Power Distribution. The energy unit, which pulled in a £70m profit [...]
Babcock sells engineering business to KBR for £293m October 6, 2021 Defence giant Babcock has today announced that it will sell engineering subsidiary Frazer-Nash Consultancy to fellow infrastructure player KBR for £293m. The sale is the first step in a plan to cull £400m worth of contracts over the next 12 months to fix the FTSE 100 firm’s battered balance sheet. Shares in the London-headquartered firm [...]
Rolls-Royce and Babcock sell stakes in RAF refuelling business for £315m September 13, 2021 Industrial heavyweights Babcock and Rolls-Royce today sold off their respective stakes in Air Tanker, the company which owns the RAF’s fleet of refuelling planes. The two firms, which owned a combined 40 per cent of Air Tanker, are both on something of a disposal spree after taking a hefty hit from the pandemic. Rolls-Royce, which [...]
Babcock teams up with encryption tech firm to boost unmanned vehicle and AI capabilities August 24, 2021 Defence giant Babcock said today it is has formed a partnership with quantum encryption technology Arqit to jointly test and experiment with a range of use case scenarios and practical applications for government and defence customers to demonstrate the encryption capabilities. Testing will include planned participation in a number of UK Government funded projects. Specific projects of focus include [...]
Babcock shares plummet after defence firm books £2bn writedown July 30, 2021 Defence giant Babcock saw its shares plunge 11.6 per cent this morning as it posted a whopping £1.6bn loss on the back of £2bn in impairment charges after a review of its contracts. The FTSE blue chip said that it would now focus solely on being an international aerospace, defence and security company. Over the [...]