Robust first half for BAE
1 min read
Announcing its results for the first half of the year at the weekend (1 August), BAE Systems said it had again delivered a robust performance with sales and earnings both up on the same period a year ago.
Commenting on the results, outgoing chief executive Mike Turner (pictured) said: “We have once again delivered a robust performance across our operations and this is delivering sustainable growth in shareholder value and long-term benefits for all our stakeholders. The implementation of our global strategy and consistent programme delivery continues to drive growth across our home markets. We have excellent forward visibility from a large order book and together with our realistic planning assumptions this provides us with confidence for future growth.”
Total sales for the period grew 12.5% to £7.75 billion while earnings were up 26% to £881 million (2007: £700m)
A £41 billion order book with significant additional order intake in the period provided long-term visibility of earnings, based on robust, realistic assumptions, the company said.
Strong growth had again been achieved in the land systems sector and there was continued demand for urgent operational requirements to support the UK's armed forces in Iraq and Afghanistan BAE said.
There had been progress towards growth across home markets including through merger and acquisition but the company said it was also pursuing opportunities to establish an industrial presence in additional markets including in India, Japan and Korea
In a reference to a history of accusations of shady dealings, Britain’s biggest defence contractior confirmed that it was committed to implementing the recommendations of the Woolf Report it commissioned into transparency and fairness and to achieving benchmark standards of governance in the conduct of its day-to-day business.
Ian King will succeed Mike Turner as chief executive with effect from 1 September.
