British firm Babcock reports 2.3 pct drop in first-half revenues

It reiterated guidance, however, for low single-digit underlying organic revenue growth at constant exchange rates with improved margins for the full year.

British engineering firm Babcock said first-half revenue fell 2.3 per cent as it took a one-off exceptional charge of 120 million pounds ($153.60 million) to reshape its oil and gas business.

Babcock, which operates specialist and defence services across its marine, land, aviation and nuclear divisions, also said its nuclear business would face a step down of 250 million pounds, compared with previous expectation of a drop of around 100 million pounds.

It reiterated guidance, however, for low single-digit underlying organic revenue growth at constant exchange rates with improved margins for the full year. ($1 = 0.7813 pounds)