It was a solid start to the week for Babcock, the provider of support services to the defence sector including the running of nuclear submarine bases in the UK. Today’s government spending review is set to include details of a significant expansion of the UK’s nuclear submarine fleet and Babock would seem likely to be an inevitable beneficiary here. The Babcock share price was up almost 3% shortly after the bell.
The vending machine operator ME Group published a trading update for the first six months this morning, which noted the ongoing success of the new self-serve laundry machines it is deploying. Despite a modest 2% uptick in revenues, profits added 14% and management note that they expect the year’s performance – as usual – to be second-half weighted. With cash reserves building nicely too, there’s plenty to cheer here. The ME Group share price was up more than 3% in early trade.
Security services provider Westminster Group published an update regarding airport contracts in Gabon. The transition period has now completed with formal operations underway. Based on current data, the contract is expected to generate revenues of circa US$5.5m in the first 12 months of operation so today’s news acts as a meaningful milestone. The Westminster Group share price was trading more than 20% higher at 8.45am.
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Publication of Circular and Notice of EGM - - Eqtec (CDI) (EQT)
