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£110m investment for frontline radio communications

£110m investment for frontline radio communications
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Breakingviews - Capital Calls - Babcock's $2.3 billion hit hides turnaround relief

By Reuters Staff
2 Min Read
Whales are seen near the Faslane nuclear submarine base in Gare Loch, Scotland, Britain, October 2, 2020.
LONDON (Reuters Breakingviews) - BOUNCE BACK. Babcock International’s bad news could have been worse. The British defence and aerospace contractor on Tuesday revealed a whooping 1.7 billion pound ($2.3 billion) charge after re-evaluating its contracts. Though that’s much higher than most analysts had expected, and exceeds the company’s market value, the majority is not in cash. Crucially, Chief Executive David Lockwood reckons he doesn’t need a rights issue to rebuild the balance sheet. Babcock shares promptly jumped more than 30%. ....

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Babcock Appoints Will Erith As CEO Of Its Marine Sector

Babcock Appoints Will Erith As CEO Of Its Marine Sector
LONDON (dpa-AFX) - Babcock International Group plc (BAB.L), on Tuesday, said it appointed Will Erith as CEO of its Marine sector, effective immediately.
Previously, Will Erith served as a Managing Director of the Surface Ships Business Unit within the Sector, and before this held a range of leadership roles at Rolls Royce including international appointments based in the Asia Pacific region.
He succeeds Derek Jones who will return to his role of Corporate Services Director, Marine.
Babcock Chief Executive David Lockwood said:
Our Marine business offers significant opportunities for growth both in the UK and internationally, underpinned by our close relationship with the Royal Navy. This appointment supports this ambition. ....

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