Embattled engineer Babcock hit back at critics on Wednesday as shares plunged on a helicopter writedown and £150 million shortfall following the end of a nuclear clean-up contract.
The stock slumped to a seven-year low as chief executive Archie Bethel failed to stem market concern about the company.
The outsourcer, the Ministry of Defence’s second biggest supplier, has been hit by fears about Brexit, the collapse of Carillion, union tensions and reports of a spat with the MoD over nuclear submarine refuelling.
A report from anonymous analyst Boatman Capital has also weighed on the firm.
Bethel, who took the helm in 2016, said he felt “frustrated” at the swirl of negative publicity and talks of breaking-up the company.
“There is nothing in our business that points to a business with problems so why should we be looking at breaking it up or doing anything else.
“I think it’s vastly overblown, it’s overdone. We haven’t had a hiccup, we haven’t had a reset, we continue to grow out the order book.” he said.
A contract to clean up Magnox power stations is also up in the air after the Nuclear Decommissioning Authority took the work in house.
The company now expects £250 million of lost revenue versus £100 predicted 15 months ago.
Shares fell 8% down to 546.2p, from 594.20p, as investors bailed out.
Bethel said a 99% approval vote at the AGM in July showed shareholders supported him and the motive of the Boatman report was "clearly to short our stock".
Babcock is taking a £120 million write-down mostly on 13 helicopters no longer used in the North Sea for oil and gas missions.
The vehicles, EC225s, have been snubbed by pilots after a 2016 crash in Norway. It will sell them or refit them for its fire-fighting unit.
