Babcock Company profile
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Babcock is one of the world's leading companies engaged in providing top-notch engineering support, delivering transformational engineering services and assets in the UK and internationally.
The company is split into three key business segments: civil nuclear, emergency services and defence. Their operations span across the UK, North America, Africa, and Australia. Founded in 1891, this 130-year-old company is headquartered in London, UK, and has a team of 34,000 employees. Babcock is an owner of a series of prestigious accolades, including SEMTA awards, ICSA excellence awards and more.
Babcock delivers its engineering services through four sectors: Marine, Nuclear, Land and Aviation.
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The Marine sector supports the UK Royal Navy and delivers marine technology solutions internationally.
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The Defence sector is responsible for the entirety of the British submarine fleet.
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The Land sector supports all the vehicles of the UK’s Army
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The Aviation sector provides aerial emergency medical, search and rescue services.
Formerly known as Babcock & Wilcox Ltd (B&W), the company was the major supplier of boilers for power stations. In the Sixties, it started the development of civil nuclear power stations in the United Kingdom. B&W continued expanding internationally, including the North American market. In 1979, Babcock & Wilcox Ltd was rebranded and got its current name Babcock International.
Babcock stock price floated on the London Stock Exchange (LSE) under the ticker symbol BAB in 1982. Three years later, in 1985 Babcock’s International’s turnover climbed up to £1.1bn.
The BAB share price plunged to 199p on January 19.2021 and gradually rebounded to 245p by February 11, 2021. Within a year period the BAB stock price fluctuated within a range of 196p – 519p.
According to the company’s half-yearly results for the six months ended September 2020, the defence giant experienced a nine per cent drop in revenue from £2,458m to £2,244m. Babcock’s operating profit dipped down 43 per cent, from £251m to £143m. The company stopped paying dividends in April 2020 and refrained to return them back due to “continued uncertainty around the impact of Covid-19”.
Commenting on the company’s HY2021 results, David Lockwood, Babcock’s Chief Executive Officer, said: “While demand for our critical services has remained resilient overall, the additional costs incurred and inefficiencies created have impacted our profitability. Our operating profit performance in the first half reflects this Covid-19 impact as well as disposals, the impact of Government insourcing of Magnox and Dounreay, and weak trading in civil aviation”.
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