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Gloucestershire Business News

Profits fall nearly £100m at Babcock

Aerospace and defence firm Babcock International has revealed a drop in pretax profits of nearly £100 million in its latest half year results.

The business has posted financial results showing profits for the six months to the end of September of £52.8m, a steep decline from the £152m in 2019. Revenue also fell from £2.19 billion to £2.10billion.

However the group, which has facilities in both Gloucester and Tewkesbury, has revealed a growth in its order book from £16.9billion to £17.2billion.

David Lockwood, chief executive at Babcock International said: "I have been enormously impressed by the way in which our people have adapted to the Covid-19 pandemic and continued to prioritise meeting the needs of our customers. Nevertheless, while demand for our critical services has remained resilient overall, the additional costs incurred and inefficiencies created have impacted our profitability.

"In the coming months, we will be reviewing our strategic priorities, execution and delivery. I look forward to reporting back on this in May. In the meantime, we remain focused on delivering for our customers, employees and shareholders and continue to look to the future with confidence."

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