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Engineer company Babcock slumped Friday as the defence company is reportedly set to announce a string of asset writedowns costing several hundred million pounds, according to a Financial Times report, citing unnamed sources.
While the final figure for the writedown was expected to become clearer in the coming days, analysts have estimated that it could be as high as £700 million, according to the report.
The company was set to deliver a strategic review alongside its full-year results next month, but an update could be announced in the coming days.
At 8:46am: (LON:BAB) Babcock International Group PLC share price was 0p at 276.4p