Defence giant Babcock takes £140m hit for late-stage reworks to newest Royal Navy warships

DEFENCE giant Babcock took a £140million hit for late-stage reworks to its newest Royal Navy warships, it said yesterday. The firm, a major Ministry of Defence contractor, said the cost dented its operating profit which fell from £363million last year to £293million. It blamed “higher than expected levels of rework as a result of changes...