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BAB - Babcock International News Story

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Sector
Industrials
Size
Mid Cap
Market Cap £1.40bn
Enterprise Value £3.19bn
Revenue £4.45bn
Position in Universe 330th / 1819

UK engineering firm Babcock pulls final dividend on virus uncertainty

Thu 11th June, 2020 7:36am
LONDON, June 11 (Reuters) - British engineering company
Babcock  BAB.L  said it had pulled its final dividend due to
uncertainty caused by the coronavirus pandemic, and warned that
it needed to cut costs in its oil and gas, aviation and civil
nuclear businesses. 
    For the 12 months to 31 March, Babcock posted an underlying
operating profit of 524 million pounds ($664.5 million), 11%
lower than last year, but sunk to a statutory loss of 165
million pounds after writing down the value of its aviation unit
and on exceptional restructuring charges. 
    Babcock said that it was deferring the decision on its final
dividend until the COVID-19 situation becomes clearer and was
not providing financial guidance for its new financial year for
this reason.  

($1 = 0.7885 pounds)

 (Reporting by Sarah Young; editing by Kate Holton)
 ((sarah.young@thomsonreuters.com; +44 20 7542 1109; Reuters
Messaging: sarah.young.thomsonreuters@reuters.net))
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