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 an important contract for the Royal Navy, which led its annual profits to plunge.
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.
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This article was originally published by The Guardian and written by Mark Sweney.
Read original article on The Guardian