BAE posts sales increase

BAE Systems has published its financial results for 2017, showing a £600m increase in sales, up to a total of £19.6bn.

Highlights of the year included winning a contract by the Government of the State of Qatar, valued at approximately £5bn, for the supply of 24 Typhoon aircraft and a training and support package.

BAE also delivered eight Typhoon and eight Hawk aircraft to the Sultanate of Oman and the remaining four Typhoons were delivered on the Salam programme.

However, the order intake fell  from £22.4bn to £20.3bn, in a year which saw the company shed 1,400 plane-making jobs.

Charles Woodburn, BAE Systems chief executive, said: “We start 2018 with a streamlined organisation and a strong focus on programme execution, technology and enhanced competitiveness, providing a solid foundation for medium term growth. With an improving outlook for defence budgets in a number of our markets, we are well placed to generate good returns for shareholders.”

Chris Boardman, group managing director, air said: “We made good progress on the production of Typhoon, F-35 and Hawk aircraft throughout 2017 and continue to support all of our customers.

“Securing the contract for 24 Typhoons for the State of Qatar is an important endorsement of Typhoon’s leading capabilities and we remain confident we will sell more. "The new organisational changes we announced in October will ensure we remain competitive and deliver for our existing and new customers”.