Babcock International Group PLC Completion of the sale of UK Power business (6952W)

TIDMBAB

RNS Number : 6952W

Babcock International Group PLC

24 December 2021

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 GBP50 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 GBP70 million and profit before interest and tax of around GBP7 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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