British shipbuilder and defence contractor Babcock International has reported a 47% drop in profit year on year for the 2018 financial year after being hit by GBP161 million (USD203 million) of exceptional costs, primarily relating to the impact of the reshaping of its oil and gas business line.
The company has been facing financial challenges as large-scale contracts begin to wind down, resulting in it announcing that it was focusing on its three main business lines of defence, aerial emergency services, and civil nuclear. This move has led to it closing a number of sites and scaling down its workforce in certain areas.
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