- Engineering services company Babcock on Monday denied media speculation concerning the financial health of the company following an anonymous report.

The report provided by the so far untraceable Boatman Capital included 'many false and malicious statements which the group strongly refutes,' Babcock said.

A UK government spokesperson was quoted by the company as underlining its importance as a supplier of critical assets across the armed forces.

'Babcock plays a key part in equipping our world leading armed forces and the MOD spent more than £1.7 billion with the company last year, supporting thousands of jobs across the nation,' the spokesperson said.

Babcock also reiterated its expectations for the full-year, and confirmed that the group continued to enjoy a 'healthy' financial position.

'We continue to expect to reduce our debt during the year, with our net debt to EBITDA ratio expected to be around 1.4 times by March 2019 and around 1.1 times by March 2020,' Babcock said. Story provided by