Babcock International down as it cuts guidance

The price of shares in FTSE 250 aerospace and defence firm Babcock International (LON:BAB) dropped by 3.13% to 539p (as of 14:15 GMT) after it said that underlying operating profit for the current year would be at the bottom of its prior guidance range. Management said that steps were being taken to remedy the difficulties faced in parts of the company’s aviation division.

In particular, the oil & gas aviation field has struggled as industry pricing has been impacted by a number of bankruptcies among major helicopter service providers.