Defence industry cheers £1.25bn Royal Navy warship contract going to British giant Babcock September 12, 2019 Britain’s sinking shipbuilding industry has been thrown a lifeline after industry giant Babcock was tasked with building the Royal Navy’s latest fleet of warships. The once-thriving sector has been in decline for the last 40 years, with historic shipyards in Sunderland and Portsmouth being shuttered. Just last month, Belfast’s Harland and Wolff yard, which built [...]
Babcock: Serco’s rebuffed bid had ‘no strategic merit’ June 17, 2019 Babcock has confirmed it rejected a takeover approach from its smaller rival Serco in January. Read more: Serco tried to merge with huge rival Babcock Serco had proposed an “all-share combination” between the two industrials companies but Babcock’s board unanimously rejected it, the outsourcer said today. Board members concluded that “a combination of the two [...]
Boatman’s back: Babcock slams second ‘misleading’ report by shadowy analyst group May 15, 2019 Defence giant Babcock has rubbished a second “malicious” analyst note by shadowy research firm Boatman Capital Research. Read more: Guest notes: Boatman’s Babcock analysis should be treated with scepticism The report, published this morning by the anonymous group which is untraceable on Companies House, made a number of fresh claims against the FTSE 250 firm, [...]
Babcock appoints former Shell executive Ruth Cairnie as first female chair April 3, 2019 Defence giant Babcock has appointed its first female chair in Ruth Cairnie, a former Shell executive and Rolls-Royce non-executive director. Cairnie will join the FTSE 250 government contractor as a non-executive director with immediate effect, Babcock announced this morning, boosting its shares one per cent in early morning trading. Read more: Defence giant Babcock's chairman [...]
Babcock could appoint Rolls-Royce director Cairnie as first woman chair within weeks March 31, 2019 Defence giant Babcock is planning to appoint a female director at Rolls-Royce as its next chair, according to reports. Ruth Cairnie, a non-executive director on the engine maker’s board and former executive at oil giant Shell, could be named the contractor’s chair within weeks. Read more: Defence giant Babcock's chairman to step down after decade [...]
Defence contractor Babcock burned by £10m Brexit cost to aerial firefighting business February 26, 2019 Shares in defence contractor Babcock dropped this morning as it admitted it will take a £10m Brexit hit, because of restructuring its aerial firefighting businesses to meet European operating requirements. The Ministry of Defence’s (MoD) second-biggest supplier said while the initial blow would be from tax, it will also cost an extra £10m a year to operate [...]
MoD must tackle £14.8bn black hole in decade-long spending plan now, say MPs February 1, 2019 The Ministry of Defence (MoD) must act now to tackle a black hole of up to £14.8bn in its financial plan for the next decade, according to MPs. Public Accounts Committee chair Meg Hillier slammed the department today for “failing taxpayers”, urging it to “bring some much-needed clarity to its priorities and costs”. Read more: BAE [...]
Network Rail awards £5bn worth of contracts for next 10 years of railway management January 30, 2019 Network Rail has tasked engineering giants including Babcock and Colas with looking after Britain’s railways for the next decade, handing out £5bn worth of contracts. The firm, which is in charge of managing the UK’s rail networks, said the winning bidders would be responsible for “anything needed to make the rail system work including track, [...]
Defence outsourcing giant Babcock’s chairman to step down after decade in charge January 17, 2019 The chairman of defence contractor Babcock, Mike Turner, has said he is to step down in July after a decade in charge. Turner, who has been at the company for twenty years first as a non-executive director, said he would leave the role at the close of the firm's annual general meeting later this year. [...]
Shipshape: Babcock JV wins £870m support contract for Aussie navy’s two biggest vessels December 3, 2018 Defence contractor Babcock may be under fire on UK shores, but a contract win to sustain and support the biggest ships in the Australian navy will help keep its head above water down under. This morning, the defence contractor’s shares were steady as it announced it had won a 15-year, 1.5bn Australian dollar (£870m) contract [...]