30th Jul 2018 08:54
LONDON (Alliance News) - Babcock International Group PLC on Monday said there has been no change to its previously announced annual earnings and contract bid pipeline guidance, in response to a UK newspaper article claiming the engineer has lost out on a GBP1 billion worth UK defence contracts.
Babcock called a Sunday Times article "misleading" and said the article confuses an existing contract, which runs until 2025, with an entirely separate tender, which initially came to market in 2015 but did not proceed.
In a July 19 trading statement, Babcock reiterated its underlying earnings guidance for financial year 2019, despite forecasting slightly lower underlying revenue growth than had initially been expected. The statement also had reported that the company's contract bid pipeline had increased by GBP1 billion to GBP14 billion.
The Sunday Times has removed the article from its website.
Shares in Babcock were down 0.4% at 724.60 pence each on Monday morning.
Related Shares:
Babcock