Half-year results show sales growth at BAE Systems

BAE Systems has reported revenues of £10.6bn for the first six months of 2022, up 2.8 per cent over the same period last year.

The sales were boosted by a new order for Hawks for the RAF and 20 Typhoon for the Spanish armed forces. Work continued on aircraft for Germany and Qatar.

As a result, underlying EBIT increased by 4.4 per cent to of £1.1bn and earnings per share increased by 11.9 per cent to 24.5p.

Charles Woodburn, BAE Systems chief executive, said: "Trading in the first half has been in line with expectations delivering strong order intake and good operational performance.

"Our diverse portfolio, together with our focus on programme execution, cash generation and efficiencies are helping us navigate the current macroeconomic challenges and position us well for sustained top line and margin growth in the coming years. We see further opportunities to enhance the medium- and long term outlook as our customers commit to increased defence spending to address the elevated threat environment."

BAE Systems employs more than 10,000 people across its Warton and Samlesbury sites in Lancashire.