Half-year profits up at BAE Systems

BAE Systems, which operates two major sites in Lancashire, has announced increased revenues and profits for the six months to June 30.

The defence giant posted operating profits of £896m on revenues of £8,674m. This compared to £792m profit on £8,161m revenue over the same six months in 2018.

Highlights of the year to date include a Memorandum of Understanding signed between UK and Sweden committing both governments to work on a joint combat air development and acquisition programme, new contracts to carry out maintenance, repair, overhaul and upgrade services for F-35 avionics and aircraft components for the European, Asia-Pacific and global fleet, and the announcement that more than 250 apprentices and graduates will join the UK business in September.

Charles Woodburn, chief executive, 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.”

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