Babcock International Group chief executive David Lockwood will retire by the end of the calendar year, with Harry Holt, the current CEO of its nuclear sector, appointed as his successor.
Mr Holt, who has been instrumental in the group’s transformation and growth, has overseen a 54% revenue increase in the nuclear sector between FY23 and FY25, achieving 9% margins.
He will join the board in June as deputy CEO before assuming the CEO role.
The company has reported strong trading for the nine months ending 31 December, with good organic revenue growth and underlying operating margin progression, reinforcing confidence in meeting the full-year margin target of 8%.
Significant strategic developments include being selected as the prime industrial partner for Indonesia’s £4 billion Maritime Partnership Programme and signing an agreement for two further Arrowhead 140 licences.
The company also expanded its partnership with HII to support the US Virginia Class nuclear submarine programme and launched the ARMOR Force initiative for autonomous maritime operations.
The group has returned £90m of its £200m share buyback programme and expects to complete it by the March year-end.
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