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You can find the current article at its original source at https://www.theguardian.com/business/2018/nov/12/mod-babcock-report-boatman-capital-research
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| MoD supplier Babcock insists finances are healthy after 'malicious' report | MoD supplier Babcock insists finances are healthy after 'malicious' report |
| (21 days later) | |
| Babcock International, which counts the Ministry of Defence as its biggest customer, has insisted its finances are healthy after what it described as “false and malicious” claims from a shadowy analyst group. | Babcock International, which counts the Ministry of Defence as its biggest customer, has insisted its finances are healthy after what it described as “false and malicious” claims from a shadowy analyst group. |
| The FTSE250 engineering services company has come under attack from Boatman Capital Research, which late last week published a report criticising the company’s financial performance. | The FTSE250 engineering services company has come under attack from Boatman Capital Research, which late last week published a report criticising the company’s financial performance. |
| Claims made by Boatman, which is not traceable on Companies House, include that Babcock drastically overpaid when it struck a £1.6bn deal for Avincis, one of the world’s largest providers of helicopters for search and rescue missions, in 2014. | Claims made by Boatman, which is not traceable on Companies House, include that Babcock drastically overpaid when it struck a £1.6bn deal for Avincis, one of the world’s largest providers of helicopters for search and rescue missions, in 2014. |
| Babcock International to close historic Appledore shipyard | |
| The report prompted Babcock to issue an unscheduled statement to investors denying the claims. “Babcock is issuing this statement to address recent speculation following the release of a report by the anonymous and so far untraceable Boatman Capital,” the company said. | The report prompted Babcock to issue an unscheduled statement to investors denying the claims. “Babcock is issuing this statement to address recent speculation following the release of a report by the anonymous and so far untraceable Boatman Capital,” the company said. |
| “This report included many false and malicious statements which the group strongly refutes. At the same time, the group continues to seek to discover who is behind Boatman Capital.” | “This report included many false and malicious statements which the group strongly refutes. At the same time, the group continues to seek to discover who is behind Boatman Capital.” |
| The investor update also contained a statement from the UK government supporting Babcock, although it did not directly address the claim regarding delays and potential losses for Babcock on the Warrior light tank renewal programme. | The investor update also contained a statement from the UK government supporting Babcock, although it did not directly address the claim regarding delays and potential losses for Babcock on the Warrior light tank renewal programme. |
| “We monitor the health of all of our strategic suppliers, including Babcock, and remain committed to working with them on a wide range of programmes,” said a spokesman for the UK government. | “We monitor the health of all of our strategic suppliers, including Babcock, and remain committed to working with them on a wide range of programmes,” said a spokesman for the UK government. |
| “Babcock plays a key part in equipping our world leading armed forces and the MoD spent more than £1.7bn with the company last year, supporting thousands of jobs across the nation.” | “Babcock plays a key part in equipping our world leading armed forces and the MoD spent more than £1.7bn with the company last year, supporting thousands of jobs across the nation.” |
| Babcock, which is the MoD’s second largest supplier and is working on 128 contracts for the government, said the company “continues to enjoy a healthy financial position”. | Babcock, which is the MoD’s second largest supplier and is working on 128 contracts for the government, said the company “continues to enjoy a healthy financial position”. |
| Boatman, whose website says it is “guiding investors across troubled waters”, first moved against Babcock in October, claiming the company had been “burying bad news about its performance” and that its leadership team was “not up to the job”. | Boatman, whose website says it is “guiding investors across troubled waters”, first moved against Babcock in October, claiming the company had been “burying bad news about its performance” and that its leadership team was “not up to the job”. |
| Boatman also made claims about Babcock’s Appledore shipyard in Devon, which the company announced would shut in March after it failed to find enough work to sustain the yard. | Boatman also made claims about Babcock’s Appledore shipyard in Devon, which the company announced would shut in March after it failed to find enough work to sustain the yard. |
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