Business
Response to speculation and update on trading
Response to speculation and update on trading.
About this update from Babcock International Group Plc
[{"type":"text","content":"\n \nRNS Number : 9771G Babcock International Group PLC 12 November 2018 \n\n12 November 2018 \n \nBabcock International Group PLC (Babcock or the Group)\nResponse to speculation and update on trading\n \nBabcock, the engineering services company, is issuing this statement to address recent speculation following the release of a report by the anonymous and so far untraceable Boatman Capital. This report included many false and malicious statements which the Group strongly refutes. At the same time, the Group continues to seek to discover who is behind Boatman Capital.\n \nMinistry of Defence\nBabcock has been a key supplier of critical services to the Ministry of Defence (MOD) for over thirty years and we are currently its second largest supplier, providing critical assets and support across the UK's armed forces. We meet with the MOD on a regular basis and our relationship remains as strong as ever. Babcock is one of the 34 top cross-Government Strategic Suppliers, who are continuously monitored, and we are one of the MOD's top 19 Strategic Suppliers. We are also a participant in the Government's Strategic Partnering Programme. In total, Babcock is currently delivering 128 contracts for the UK Government, with future opportunities continuing to form a key part of our bidding pipeline.\n \nA UK Government spokesperson said:\n\"We monitor the health of all of our strategic suppliers, including Babcock, and remain committed to working with them on a wide range of programmes.\n \nBabcock plays a key part in equipping our world leading armed forces and the MOD spent more than £1.7 billion with the company last year, supporting thousands of jobs across the nation.\"\n \nTrading\nOur most recent trading update, issued on 19 September 2018, confirmed that underlying earnings were in line with expectations and we confirmed our outlook for the financial year ending 31 March 2019. We gave an update on our programme of exiting a number of small, low-margin businesses, which includes the Appledore shipyard, and we announced that we are reshaping our oil and gas business. As previously announced, we will provide an update on these activit...