June 11, 2020 / 6:37 AM / a month ago

UK engineering firm Babcock pulls final dividend on virus uncertainty

LONDON, June 11 (Reuters) - British engineering company Babcock 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)

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