Babcock International Group said the civil aviation market is continuing to struggle, as the sector was hit by the second wave of Covid-19.

The group, which has facilities in Gloucester, Cheltenham and Tewkesbury, said prospects for its traditionally bumper fourth quarter of trading were also uncertain, as reported by London South East.

Shares in the firm were down 18 per cent to 216.9 pence today (Friday 15th January).

The company said that trading in the third quarter saw a continuation of trends from the first half of the year, with weakness in its civil aviation businesses and a negative impact from the coronavirus crisis.

Underlying revenue for the nine months to 31st December was down £3.4 billion, down 4.9 per cent from £3.57 billion a year earlier.

Underlying operating profit for the same period was down 37 per cent annually to £202 million from £320 million.

Historically, the fourth quarter is Babcock's strongest, but with the Covid-19 situation worsening in most of its markets, it is unable to provide financial guidance for this financial year.