21st Nov 2018 17:17
LONDON (Alliance News) - Engineering services firm Babcock International Group PLC said Non-Executive Director Myles Lee purchased 7,500 shares at a price of 551 pence per share on Wednesday.
It has not been disclosed how many shares Lee now holds in the company following the GBP41,325 deal.
Babcock International on Wednesday reported a sharp fall in profit, while it also warned on the revenue impact of the ending of its Magnox joint venture.
For the six months to September, Babcock's pretax profit fell 64% to GBP65.1 million, though on an underlying basis the figure was 2.5% higher at GBP245.5 million.
Revenue fell 2.7% to GBP2.25 billion, with underlying revenue slipping 2.3% to GBP2.58 billion.
The Magnox contract is with the UK's Nuclear Decommissioning Authority, with Babcock cleaning up reactor sites. The ending of the contract had previously been expected to hit revenue by around GBP100 million for its next financial year, but Babcock has now guided for a GBP250 million hit.
Shares in Babcock International closed down 4.8% on Wednesday at 566.00p.
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