Business
Completion of the sale of UK Power business
Completion of the sale of UK Power business.
About this update from Babcock International Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6952W\n Babcock International Group PLC\n 24 December 2021\n \n \n \n \n Completion of the sale of UK Power business\n \n \n \n \n \n 24 December 2021\n \n \n \n \n \n Babcock International Group PLC (\"Babcock\" or \"the Group\") is pleased to announce the completion of the sale of its Power business to M Group Services for a gross cash consideration of £50 million.\n \n \n \n \n \n Babcock's Power business is a leading provider of engineering services in the UK overhead line electric transmission and distribution industry. It is trusted to deliver high quality outputs to clients including National Grid, Scottish Power Energy Networks and Western Power Distribution. Following the sale, the business will form part of Morrison Energy Services, a division of M Group Services.\n \n \n \n \n \n The business is a part of Babcock's Land sector. For the year ended 31 March 2021, it reported total revenues of £70 million and profit before interest and tax of around £7 million before allocated overheads.\n \n \n \n \n \n Babcock CEO David Lockwood said:\n \n \n \n \n \n \"I'm delighted that we continue to make real strides in delivering our plan of streamlining the Group. The business is a great fit for M Group Services, and I wish them every success as they continue to grow their operations.\"\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n For further information:\n \n \n \n \n \n \n \n \n \n \n \n \n \n Andrew Gollan, Director of Investor Relations\n \n \n \n \n +44 (0)7936 039004\n \n \n \n \n \n \n Kate Hill, Group Director of Communications\n \n \n \n \n +44 (0)20 7355 5312\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Tulchan Communications\n \n \n \n \n \n \n \n \n \n \n \n \n \n Olivia Peters / Harry Cameron\n \n \n \n \n +44 (0)20 7353 4200 \n \n \n \n \n \n \n \n \n \n \n This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to anal...