November 21, 2018 / 7:28 AM / 23 days ago

UK's Babcock revenues fall, takes one-off restructuring charges

EDINBURGH, Nov 21 (Reuters) - British engineering firm Babcock said first-half revenue fell 2.3 percent as it took a one-off exceptional charge of 120 million pounds ($153.60 million) to reshape its oil and gas business.

Babcock, which operates specialist and defence services across its marine, land, aviation and nuclear divisions, also said its nuclear business would face a step down of 250 million pounds, compared with previous expectation of a drop of around 100 million pounds.

It reiterated guidance, however, for low single digit underlying organic revenue growth at constant exchange rates with improved margins for the full year. ($1 = 0.7813 pounds) (Reporting by Elisabeth O’Leary; editing by Kate Holton)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below