Hints and tips:
...Defence company Babcock International has secured a £750mn UK government contract for a major infrastructure upgrade at the Devonport naval base to support the maintenance of Britain’s nuclear submarine...
...Officials described it as a “first of its kind” briefing involving the Security Service, also known as MI5, and almost a dozen companies and trade bodies in the “most strategically important” sectors of...
...Lockwood said Babcock was in talks with the UK government about expanding its activities there....
...Babcock is a smaller company than, say, BAE Systems. While more than three-quarters of FY2024e revenues will be defence-related, thinks Agency Partners, it still owns some motley assets....
...The company has been through an extensive restructuring since 2020 under chief executive David Lockwood....
...As they do, though, and as the company both delivers projects more efficiently and only bids for work that meets risk and margin thresholds, Babcock is confident of sustainably maintaining an operating margin...
...The company entered dispute resolution with the MoD in April to decide who should cover the extra spending, but as the dispute is unresolved Babcock had to book the cost....
...The company will also manage the supply of spares and train Ukrainian personnel as part of the 12-month contract which it said could be extended....
...The group’s accounting had been under scrutiny since 2018 when Boatman Capital Research published a list of criticisms of the company, which Babcock at the time labelled “false and malicious”....
...But the company’s main focus has been training and facilities management, including running sites for the armed services....
...Babcock said on Tuesday that it expected to offset the higher cost of the pay deal through operating efficiencies next year....
...The company has in recent months supported UK government-led efforts to help Ukraine with both training and equipment....
...The £763mn investment, which includes more than £400mn from industry including BAE, Rolls-Royce, Babcock International and EDF, will create about 5,000 new apprenticeships over the next four years....
...public body responsible for the delivery of new projects, said the UK would need “at least another couple” of large nuclear power stations after the two currently in development by French state-owned power company...
...He sent me four such UK/US pairs: in Banking, Standard Chartered and Citi; in Homebuilding, Cairn Homes and Lennar; in Tobacco, Imperial Brands and Altria; in defence contracting, Babcock International and...
...David Lockwood, Babcock CEO, said the “importance of applying our extensive knowledge and longstanding experience is being recognised through this contract award”....
...The comments come after a meeting between the ministers and executives from BAE, Babcock and Qinetiq last month to discuss the impact of ESG guidelines on the sector....
...The UK’s two biggest defence companies BAE Systems and Babcock International have reported strong results despite supply chain problems and inflation and expect orders to rise because of the war in Ukraine...
...She called the town a “microcosm” of broader shortages in the region’s labour supply — just as BAE is competing for workers across the UK with the likes of Rolls-Royce and Babcock International, both of...
...Earnings: Results are expected from ASML, Babcock International, Dassault Aviation, Getlink, Howden Joinery and Publicis, among others....
...Chemring’s rating is twice that of Babcock, which derives a lot of its income from lower-margin facilities and site management. Chemring has advanced as far as it is likely to at present....
...Key economic and company reports Here is a more complete list of what to expect in terms of company reports and economic data this week....
...The UK accounting regulator has extended its investigation into PwC over its audits of Babcock International to include the aerospace and defence company’s accounts for 2019 and 2020....
...The company has already reached its target of raising at least £400m from asset disposals....
...The UK accounting regulator has extended its investigation into PwC over its audits of Babcock International to include the defence company’s accounts for 2019 and 2020....
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