Babcock International's full-year profit increased 34% due to a rise in global defence budgets.
Babcock International reported a 34% increase in full-year profit, driven by a sustained uplift in global defence budgets. The company's underlying operating profit rose to £238m, while revenue reached £4.39bn. The contract backlog grew 9% to £10.3bn, driven by Nuclear and Marine. Babcock's CEO, David Lockwood, said the company is well positioned to benefit from the increased defence spending.
July 26, 2024
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