It is never kind to enjoy the misfortunes of others but Peter Rogers, chief executive of Babcock International cannot quite help himself. “I am very glad I am in the services business, rather than making defence equipment,” he says.

And well he might be. While traditional defence companies are facing the threat of drastic budget cuts, the future looks more positive for support services groups such as Babcock that can claim to offer better delivery and reduced costs to the UK Ministry of Defence.