February 26, 2019 / 7:23 AM / 4 months ago

Babcock sets out cost of Brexit restructuring

LONDON, Feb 26 (Reuters) - Britain’s Babcock said it would take a one-off tax cost of around 10 million pounds ($13 million) and expects an ongoing cost of 10 million pounds per year to restructure its aerial fire-fighting business ahead of Brexit.

The engineering group has had to restructure its European aerial business, which provides emergency medical and firefighting services, to make sure that it complies with ownership rules and maintains flying rights in the event of a no-deal Brexit.

The group said underlying earnings expectations remained unchanged.

$1 = 0.7610 pounds Reporting by Kate Holton; editing by Jason Neely

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