Completion of the sale of UK Power business
24 December 2021
Babcock International Group PLC ("Babcock" or "the Group") is pleased to announce the completion of the sale of its Power business to M Group Services for a gross cash consideration of £50 million.
Babcock's Power business is a leading provider of engineering services in the UK overhead line electric transmission and distribution industry. It is trusted to deliver high quality outputs to clients including National Grid, Scottish Power Energy Networks and Western Power Distribution. Following the sale, the business will form part of Morrison Energy Services, a division of M Group Services.
The business is a part of Babcock's Land sector. For the year ended 31 March 2021, it reported total revenues of £70 million and profit before interest and tax of around £7 million before allocated overheads.
Babcock CEO David Lockwood said:
"I'm delighted that we continue to make real strides in delivering our plan of streamlining the Group. The business is a great fit for M Group Services, and I wish them every success as they continue to grow their operations."
| For further information: | |
| Andrew Gollan, Director of Investor Relations | +44 (0)7936 039004 |
| Kate Hill, Group Director of Communications | +44 (0)20 7355 5312 |
| | |
| Tulchan Communications | |
| Olivia Peters / Harry Cameron | +44 (0)20 7353 4200 |
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