- Defence company Babcock International said it had completed the sale of Frazer-Nash to KBR for £293 million in cash.

This sale formed part of the company's portfolio realignment, which aimed to generate at least £400 million of proceeds, the majority of which would be used to cut down debt.

Frazer-Nash, part of Babcock's marine sector, had revenue of £101 million in FY21, with pre-tax profit of £14 million.

The company also reported an update on performance for the half year ending 30 September 2021.

Revenue was £2,228 million and underlying operating profit was £115 million for the half year.

Net debt stood at £1,347 million at 30 September 2021, down from £1,354 million at 31 March 2021.

Looking ahead, the company said that trading in the first half of the year was in line with its expectations and its full year outlook remained unchanged.

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