LONDON (Alliance News) – Babcock International Group PLC said Monday cash costs in relation to an ongoing business restructuring programme are not expected to be material, in response a Sky News report regarding exceptional items likely to be incurred by the company in the first half.
The engineering services company previously announced that it is undertaking a programme to strengthen the business by exiting a number of small, low-margin businesses, including the Appledore shipyard located in Devon, England, and reshaping oil and gas business.
“Whilst the exact impact of these actions has yet to be determined by the board, we do not expect the net cash costs to be material,” the company said in a short statement on Monday.
Sky News,…
Read the full article at: http://www.morningstar.co.uk/uk/news/AN_1542617116538540900/top-news-babcock-says-cash-restructuring-costs-to-be-immaterial.aspx