15th Oct 2018 13:32
LONDON (Alliance News) - The Sunday Times said Babcock International Group PLC has come under fire from a "shadowy" research firm, which claims the FTSE 250-listed defence company has been "burying bad news".
The Sunday Times said it was sent a section of a report by research firm Boatman Capital Research, which claims that Babcock has "failed to win" new business at its Appledore shipyard, Devon, since building an offshore patrol vessel for the Irish navy.
Boatman is not traceable on Companies House, The Sunday Times said, and refuses to disclose the identity of its directors.
Boatman, according to the Sunday Times, claims that Babcock has been "burying bad news" about its performance and leadership are "not up to the job".
The newspaper reported that, in response to Boatman's comments, the company said: "Babcock is in the final stages of successfully delivering the fourth offshore patrol vessel for the Irish Naval Service, the George Bernard Shaw.
"As that programme comes to an end, we are reviewing the options for our business at Appledore."
https://www.thetimes.co.uk/article/shadowy-analyst-boatman-plots-attack-on-babcock-86s2dlck5
The fourth offshore patrol vessel contract was awarded to Babcock in June 2016, due for completion in 2018.
Shares in Babcock were down 4.8% at 622.40 pence on Monday. The stock is down 25% in the past 12 months.
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