Defence giant Babcock International to cut 1,000 jobs in the UK and overseas

Defence giant Babcock International has laid out plans to cut 1,000 jobs as part of an overhaul of its business as it revealed write-downs of around £1.7bn.The company said 850 jobs would go in the UK.Babcock’s headquarters are in London and it has offices, training facilities, dockyards, testing centres and research and development facilities across Britain.Babcock is a key supplier to the Ministry of Defence. A review of the group’s contracts revealed that some were less profitable than had the company accounted. Babcock warned that underlying profits would be £30m lower each year as a result of the review.The group...