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David Lockwood, CEO of Babcock International PLC, will retire at the end of 2025 after five years in the role. Harry Holt, currently leading Babcock's Nuclear division, will become deputy CEO in June and replace Lockwood.

Babcock reported strong organic revenue growth and progress towards its full-year margin target of 8%, driven by robust performances in the Nuclear, Aviation, and Marine sectors, despite weaknesses in Land. The company is involved in several key projects, including the UK Type 31 frigate programme and submarine support contracts.

A £200 million share buyback is ongoing, with £90 million returned to date. Lockwood's tenure saw a sixfold increase in Babcock's share price, attributed to rising defense spending commitments in Europe. The firm has also secured a majority of its forecast revenue for the year.