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Babcock profit slumps as margins hurt by higher costs
StockMarketWire.com
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Defence company Babcock reported lower profit in the first half of the year as margins were hurt by higher costs and weakness in its civil nuclear business.
For the six months ended 30 September, pre-tax profit fell to £55.3 million from £152.5 million year-on-year as revenue slipped to £2.11 billion from £2.20 billion.
Lower revenue in the land sector amid a significant impact of Covid-19 on activity levels weighed on results.
The underlying margin fell to 6.4% from 10.2%.
The company did not declare an interim dividend, citing ongoing uncertainty from the impact of the Covid-19.
Looking ahead, the company said it expected that performance would be more heavily weighted toward the second half this year as it 'gradually improve our efficiency month by month under Covid-19.'
Story provided by StockMarketWire.com
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