BAE Systems revenues and profits climb in first half of 2024

BAE Systems has published its results for the first six months of 2024, showing strong growth across revenues, profits and its order book.

The company, which employs more than 11,000 people at its Warton and Samlesbury sites in Lancashire, provides vital frontline combat air capabilities to UK and international customers.

Its key programmes support supply chain companies based across the North West. The team developing Tempest, the UK’s future combat aircraft which will be delivered through the Global Combat Air Programme (GCAP), is already working with 76 companies in the region.

To June 30 of this year, BAE Systems reported total revenues of £13.4bn, a 13 per cent increase over the same period in 2023 (£12bn).

Its operating profit, calculated using International Financial Reporting Standards, was £1.296bn, up from £1.233bn, a five per cent increase. 

The dividend per share will be 12.4p (up from 11.5p) and, looking ahead, the order book stands at £59.6bn. 

During the year, the company continued to make good progress with its Japanese and Italian partners on GCAP and recently unveiled a new concept model of the aircraft at Farnborough International Airshow.

It delivered a further two Typhoon aircraft, which were built and assembled in Lancashire, to Qatar, which now operates a total of 20 aircraft (pictured above).

BAE Systems also committed £125,000 to Inspire Youth Zone in Chorley, funding a new ‘makers zone’ to help equip young people with the skills, confidence and knowledge to become creators and innovators. The Company has committed £500,000 to youth zones in the North West in total.

Charles Woodburn, BAE Systems chief executive, said: “Thanks to the outstanding efforts of our employees around the world, we delivered a strong operational and financial performance in the first half of the year, giving us confidence to increase our year-end guidance across all our key metrics. Working closely with our customers, we have maintained momentum on key strategic activities, including AUKUS and the Global Combat Air Programme. We also continued evolving our technology portfolio through strategic acquisitions and the ongoing integration of our new Space & Mission Systems business.

“Our order intake shows that demand for our products and services remains high and we are well positioned for sustained growth in the coming years. We will keep investing in new technologies, facilities and our people so that we can deliver on our record order backlog and help our government customers stay ahead in an uncertain world.”