Britain's Babcock says profit to fall during "challenging" year ahead
EDINBURGH, May 22 (Reuters) - British engineering services group Babcock BAB.L said on Wednesday it expected revenue and underlying operating profit to fall in 2019/2020 during what it expects to be a "challenging" year.
Babcock, whose biggest customer is Britain's Ministry of Defence, announced flat full year profit before tax of 517.9 million pounds ($657.58 million) in the year to March 2019 on a 4% decline in revenues as a cost-cutting effort helped it withstand a sluggish market as expected.
It forecast underlying revenue to be around 4.9 billion pounds in 2019/2020 and underlying operating profit of 515 million to 535 million pounds.
($1 = 0.7876 pounds)
(Reporting by Elisabeth O'Leary; editing by Kate Holton)
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.