Business · 22 June 2026

Brexit, Covid blamed as Babcock profits fall 19%

Nikki Smith, U.S. Navy via Wikimedia Commons (CC BY-SA 4.0)

Defence contractor Babcock took a £140m charge on a Royal Navy frigate deal, causing its underlying operating profits to drop by almost a fifth. The company, building five Type 31 frigates since 2019, blamed Brexit, Covid, and rising raw material and labour costs. This meant the contract became loss-making, and shares in Babcock fell over 3% on Monday.

By BriefTea Editorial · 22 June 2026 at 12:44

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