Babcock wins £50m contract to support Ukraine military

(Sharecast News) - Babcock said on Wednesday that it has been awarded a £50m contract by the UK Ministry of Defence to support urgent operational requirements for Ukraine's military land assets. The initial 12-month contract, which includes options to extend, will see Babcock provide operational support to armoured vehicles provided by the UK to the Ukrainian military, such as Challenger 2 tanks and the Combat Vehicle Reconnaissance (Tracked) - known as CVRT, train Ukrainian personnel and manage vital equipment, supply chains and spares.

Chief executive David Lockwood said: "We are honoured to stand with the Ukrainian and UK Governments, providing critical support for Ukraine's urgent military operations. Through the relentless commitment of our teams, and supply chain partners, we will support land defence assets and equipment that Ukrainian troops can have the utmost confidence in. Their mission is our mission.

"What we do at Babcock matters now more than ever and it is a privilege to be by our customers' side when they need us most."

At 1050 BST, the shares were up 2% at 278.20p.