BAE Systems shows strong growth in half-year results

By Tim Aldred

02 Aug 2023

Tempest

BAE Systems has recorded double-digit growth in sales and operating profit over the first half of 2023, with a record order backlog.

For the six months to 30 June, BAE registered £12bn in sales, compared with £10.6bn over the same period on 2022.

Underlying EBIT rose from £1.11bn to £1.26bn. Operating profit increased from £1bn to £1.2bn. The order backlog increased from £52.7bn to £66.2bn - a record high.

A dividend of 11.5p per share will be issued, up on last year's 10.4p.

The defence giant employs 22,400 people in the North West of England, of which more than 10,000 at its Warton and Samlesbury sites. It spent more than £450m with over 750 local suppliers in the region last year, sustaining almost 7,000 further jobs.

The two Lancashire sites are key to its air operations, including around-the-clock support to the Royal Air Force Typhoon Fleets and F-35 Fleets, maintaining availability of Hawk jet trainer aircraft and playing a key role developing the UK’s future combat air system, Tempest.

In the first of 2023, BAE launched the new Falconworks R&D centre, and won Ministry of Defence contracts for a new radar for the Typhoon fleet and further work on the Tempest project.

Charles Woodburn, chief executive, said: "We’ve delivered a strong financial performance in the first half of the year, thanks to the outstanding efforts of our employees.

"Our global footprint, deep customer relationships and leading technologies enable us to effectively support the national security requirements and multi-domain ambitions of our government customers in an increasingly uncertain world.

"With a record order backlog and good operational performance, we’re well positioned to continue delivering sustained growth in the coming years, giving us confidence to continue investing in new technologies, facilities, highly-skilled jobs and in our local communities.”

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