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Babcock predicts global government defence spending spree after hit to profit
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Babcock predicts global government defence spending spree after hit to profit
Babcock said it had suffered a £140m financial hit due to delays in a contract with the Royal Navy but reiterated its financial targets for the next year, predicting high spending as global governments plough cash into defence. Profit before tax slumped to £267.2m from £339.4m in the prior year after problems with its Type 31 frigate contact led to a £140m hit. Costly rework and design changes also damaged revenue in the final quarter, as it sli…
·London, United Kingdom
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