Babcock revenues rise as Frazer-Nash sale completed
By Frank Prenesti
Date: Thursday 21 Oct 2021
(Sharecast News) - British defence company Babcock International maintained annual guidance as it reported a rise in first half revenues.
The engineering firm said revenue rose to £2.23bn in the six months to September 30 from £2.11bn. Underlying operating profit fell to £115m from £143.1m a year ago.
Babcock also said it had completed the sale its Frazer-Nash marine consultancy to KBR for £293m in cash as part of its portfolio realignment to generate at least £400m to bolster its balance sheet.
Babcock said that trading in the first half was in line with expectations and its full year outlook remained unchanged.
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