Babcock revenues rise as Frazer-Nash sale completed

British defence company Babcock International maintained annual guidance as it reported a rise in first half revenues.

The engineering firm said revenue rose to £2.23bn in the six months to September 30 from £2.11bn. Underlying operating profit fell to £115m from £143.1m a year ago.

Babcock also said it had completed the sale its Frazer-Nash marine consultancy to KBR for £293m in cash as part of its portfolio realignment to generate at least £400m to bolster its balance sheet.

Babcock said that trading in the first half was in line with expectations and its full year outlook remained unchanged.