BAE Systems interim results in line with group guidance
Defence group BAE Systems said its first half results reflect its previous guidance, with revenues and profits both improving in the six months ended June 30.
Revenues of £8.674bn were up from £8.161bn in 2018, while pre-tax profits of £776m compared with £571m previously.
The group has an order backlog worth £47.4bn, up from £39.7bn a year ago.
A one-off tax benefit of £161m was recognised in the first half of the year, arising from agreements reached in respect of an overseas tax matter.
The board said the interim dividend has increased by 4.4% to 9.4p per share.
The group operates factories in Warton and Salmesbury, near Preston, building military aircraft, and a submarine building facility in Barrow. It employs around 15,000 staff in Lancashire and Cumbria.
Chief executive Charles Woodburn said: “The first half performance underpins our guidance for the full year with improvements being made on a number of operational fronts.
“Our priority is to deliver consistent and strong operational performance for our customers and shareholders to enable us to meet our growth expectations over the medium term.”
The board summary added: “Our business benefits from a large order backlog, with established positions on long-term programmes in the US, UK, Saudi Arabia and Australia.
“Our strategy is clear and well defined with governments in our key markets continuing to prioritise defence and security, with strong demand for our capabilities.
“Through execution of our strategy, BAE Systems is well placed to maximise opportunities, deal with the challenges and continue to generate good shareholder returns.”
