Babcock Takes £140M Hit on Royal Navy Frigates

Babcock, a defence giant, faces a £140 million profit hit due to late tweaks on warships for the Royal Navy. The Type 31 frigates, costing £250 million each, have experienced delays and rework, pushing total losses on the contract to £330 million. Despite this, revenues surged to £5 billion, driven by defence needs and strong nuclear and aviation work, leading to a 0.8% share increase to £1,115 pence following a £200 million buyback announcement. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/389f6042ce039d8c