Babcock International profits soar amid ‘sustained uplift in global defence spending’
The British defence giant said revenue for the year to March 31 rose to £4.44 billion, up from £4.39 billion the year before, while underlying operating profit jumped 34% to £238 million
Babcock International, the UK defence giant, has reported a surge in annual profit, attributing it to a “sustained uplift” in global defence spending.
The company, which specialises in designing and manufacturing defence equipment such as warships and submarines, announced this morning that its revenue had risen to £4.44bn from £4.39bn the previous year.
The underlying operating profit for the year ending March 31 soared by 34 per cent to £238m. This positive outcome comes amidst escalating geopolitical tensions, leading many countries to increase their defence budgets and expenditure on equipment supplied by companies like Babcock and other arms manufacturers, including BAE Systems.
The FTSE-250 firm also secured a lucrative £560m contract in March to refit one of the Royal Navy’s Trident nuclear submarines. “Babcock is well positioned to benefit from the sustained uplift in global defence budgets, driven by the need to recapitalise, re-equip and modernise militaries, resulting in an increase in our opportunity set,” said Chief Executive David Lockwood today.
He added: “We combine strong engineering know-how, high customer intimacy and extensive operational asset knowledge together with highly collaborative relationships and product development capability.”
The company confirmed that its expectations for 2025 remain unchanged.
“This differentiated proposition is increasingly attractive to our customers. We look to the future with confidence as we continue to progress towards our medium-term targets,” the chief executive added, as reported by City AM.
In March, the firm’s boss, David Lockwood, joined his counterpart at Airbus in urging for increased defence spending, a stance that became prominent during this summer’s general election.
https://www.business-live.co.uk/enterprise/babcock-international-profits-soar-amid-29619474
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Source: BusinessLive.co.uk
