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UK's Babcock cautious about outlook as first-half profit recovers

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By Reuters

– British engineer Babcock International said on Tuesday it remained cautious about its outlook, as it’s in the early stages of its turnaround plan amid inflationary and supply chain pressures and uncertainty over new coronavirus variants.

The company, which counts Britain’s Ministry of Defence as its biggest customer, reported underlying operating profit for the six months ended Sept. 30 of 115.3 million pounds ($153.14 million), compared with 84.5 million pounds a year ago on fewer COVID-19 restrictions.

($1 = 0.7529 pounds)