Brexit and Covid beset Royal Navy contractor as profits plunge
by Mark Sweney from World news | The Guardian on (#76FM3)
Babcock reports underlying operating profits down 19%, with frigate-building programme making a loss
One of the UK's biggest defence contractors has blamed Brexit and Covid among a catalogue of problems to beset an important contract for the Royal Navy, which led its annual profits to plunge.
Profits at Babcock International fell by almost a fifth in the year to the end of March, as the firm reported a 140m charge on its contract to build five Type 31 frigates for the Royal Navy.
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