Defence giant Babcock to cut 1,000 jobs amid £1.7bn writedown April 13, 2021 Around 1,000 jobs are being axed at Babcock International as the defence giant revealed mammoth writedowns of £1.7bn and plans to sell off a raft of its businesses. The group – which is the Ministry of Defence’s second largest contractor – said about 850 of the job cuts would be made across its UK operations, [...]
Babcock shares plunge nearly 20 per cent before profitability review January 15, 2021 Babcock shares sank this morning after it said £100m had been shaved from its profit.
Babcock shares slump after firm cuts dividend and profit slips 40 per cent August 4, 2020 Shares in Babcock fell over 12.5 per cent this morning after the defence giant warned that the coronavirus pandemic had had a “significant impact” on its finances. In a trading update, the FTSE 250 firm said that operating profit for the first quarter had fallen 40 per cent year-on-year. In addition, Babcock has elected to [...]
Babcock suspends decision on dividend amid coronavirus uncertainty June 11, 2020 Engineering giant Babcock has pulled its final dividend until it has more clarity on the financial damage wrought by the coronavirus pandemic. The London listed firm swung to a full year loss of £178m, causing shares to sink four per cent in morning trading. It also warned it would need to cut costs in in [...]
Babcock to make 10,000 ventilators as firm takes small hit from coronavirus April 6, 2020 Engineering giant Babcock has been awarded a contract by the government to manufacture 10,000 ventilators to support efforts to tackle the coronavirus pandemic. The FTSE 100 firm, which is one of the UK military’s largest contractors, is the latest industrial giant to join manufacturing efforts as the country seeks to “ramp up” the readiness of [...]
Babcock lowers profit guidance amid oil and gas woes February 12, 2020 UK defence contractor Babcock lowered its guidance for profit for the year today in the company’s first update since chief executive Archie Bethel said he would step down. Shares in the defence giant dropped over four per cent in early trading after a quarter which the outgoing chief labelled as “frustrating”. The group estimated operating [...]
Babcock chief steps down after four years in top job February 5, 2020 Babcock, the UK-based defence infrastructure company, today announced that its chief executive Archie Bethel will retire after four years in the top job. Bethel joined the FTSE 250 firm in 2004 and held a variety of posts, such as head of its maritime and technology division, before becoming the group’s chief in 2016. While at [...]
Profit jumps as Babcock buoyed by marine division November 20, 2019 Defence giant Babcock has reported an increase in pre-tax profit for the first half in line with expectations, as a strong performance from its marine business offset weakness in its aviation division. The figures Babcock reported a 134 per cent increase in statutory pre-tax profit, which rose from £65.1m to £152m for the six months [...]
‘As expected’ at Babcock as firm looks to new frigate contract for boost September 25, 2019 Babcock reiterated its expectations for the financial year after a half where its zenith was winning a £1.25bn contract to build new warships for the navy. The firm’s marine sector performed well, Babcock said, as its warship support business revved up. Meanwhile the order book filled up in its technology business. Read more: Defence industry [...]
Defence industry cheers £1.25bn Royal Navy warship contract going to British giant Babcock September 12, 2019 Britain’s sinking shipbuilding industry has been thrown a lifeline after industry giant Babcock was tasked with building the Royal Navy’s latest fleet of warships. The once-thriving sector has been in decline for the last 40 years, with historic shipyards in Sunderland and Portsmouth being shuttered. Just last month, Belfast’s Harland and Wolff yard, which built [...]