Defence contractor Babcock sees profits spiral due to war in Ukraine
Engineering company Babcock has reported a 17 per cent increase in annual profits – thanks to the war in Ukraine.
The firm – which has sites in Warminster, Cheltenham, Bristol, Tewkesbury, Taunton, and Devonport – makes naval ships and weapons handling systems as well as supporting Britain's nuclear submarines.
Read more: Babcock awarded contract for second Vanguard Class submarine refit
Overseas clients include Australia, Poland, Canada, and France.
Reporting revenues of £4.4 billion, up eight per cent year on year, and profits of £278 million, the company said the war in Ukraine had meant countries are keen to ensure their militaries are battle-ready, and enhanced with improved features.
"In a world of significant instability, national security has never been more important," said CEO David Lockwood.
Visit Hampshire Biz News for bright, upbeat and positive business news from the county
"With defence making up two-thirds of the group, the combination of capability, availability and affordability we offer is increasingly relevant.
"I'm excited about the momentum building across the business, and that confidence is reflected in our expectation of continuing cash-backed profitable growth."
