Babcock says Brexit and Covid beset Royal Navy contract as profits plunge (opens original article in a new tab)

Babcock International reported a 19% drop in profits, attributing the decline to challenges with a Royal Navy frigate contract exacerbated by Brexit, Covid, and rising costs.

• Babcock International's annual profits fell by 19% due to issues with a Royal Navy frigate contract.
• The company cited Brexit, Covid, material costs, and labor shortages as factors increasing contract costs.
• Babcock's nuclear and aviation sectors showed strong performance despite the frigate contract losses.