UK defence engineer Babcock reported a rise in interim profits and held full-year expectations as it focused on countering rising material costs.
The company on Tuesday posted underlying operating profit of £121.7m for the six-months ended to September 30, compared to £115.3m a year earlier.
“We are operating in a macroeconomic and geopolitical environment that remains volatile. We are focused on effectively addressing the challenges our business faces, most notably inflationary pressures, whilst also ensuring we maximise the increased opportunity set we are seeing in a market backdrop that is supportive for defence,” said chief executive David Lockwood.
Reporting by Frank Prenesti for Sharecast.com
