Babcock says Brexit and Covid beset Royal Navy contract as profits plunge

🇬🇧 The Guardian (GB) —
Babcock says Brexit and Covid beset Royal Navy contract as profits plunge

AI Summary

Babcock International has reported a 19% drop in annual profits attributed to Brexit and Covid-19 challenges impacting a Royal Navy contract. The company faced a £140m charge related to its programme to build five Type 31 frigates for the Royal Navy.

Underlying operating profits down 19% with 2019 frigate-building programme making loss, firm reports One of the UK’s biggest defence contractors has blamed Brexit and Covid among a catalogue of problems to beset a key contract for the Royal Navy, which led its annual profits to plunge. Annual profits at Babcock International fell by almost a fifth in the year to the end of March, as the firm reported a £140m charge on its contract to build five Type 31 frigates for the Royal Navy. Continue reading...

Security Markets Deals Babcock International Royal Navy profit decline Brexit impact Covid-19 defense contract frigate building

Read original source →