Brexit and Covid beset Royal Navy contractor as profits plunge

Babcock reports underlying operating profits down 19%, with frigate-building programme making a loss Business live – latest updates 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. Continue reading…