1 source · first reported Yesterday
Babcock International's profits fell by 19% due to issues with the Royal Navy's Type 31 frigate contract, which was impacted by Brexit and Covid. The company reported a £140m charge on the contract. The frigate-building programme made a loss, contributing to the decline in profits.
The decline in profits and issues with the contract highlight the challenges faced by defense contractors in delivering major projects, which can have significant implications for national security and defense capabilities.
How this story unfolded across sources, oldest first.