6
IN VIEW
DEFENCE GIANT HAS GROWTH IN ITS SIGHTS
BAE Systems believes that Russia’s invasion of Ukraine will place a sharper focus on security, a trend it has already benefited from as key markets look to spend more.
The defence giant is predicting growth across all sectors over the next year, with cyber intelligence also becoming globally relevant.
The early period of the Russian attack on its neighbour triggered a spike in BAE Systems’ share price, with a 14 per cent surge at one stage.
Earlier its Air Division, which employs 10,000 Lancashire workers, reported rising sales, orders and profits as it released its 2021 figures.
Our strong results reflect
the outstanding efforts of our employees who have continued to adapt and work closely with our customers
Those workers, mainly employed at planemaking plants in Warton and Samlesbury, are involved in developing future combat air and defence information systems and delivering support, maintenance and training to the RAF’s Typhoon, F-35 Lightning and Hawk fleets.
Full year sales increased from £20.9bn in 2020 to £21.3bn in 2021. That resulted in a rise in earnings, before tax and interest, from £2bn to £2.2bn. Meanwhile, its order intake also grew, from £21bn to £21.5bn.
Highlights of the year included ramping up F-35 jet rear fuselage production at Samlesbury. Its planemakers completed 151 units in the year.
Work also started on the delivery of 38 Typhoon aircraft for Germany, while the business continuing to progress an order for 24 Typhoon and nine Hawk aircraft for Qatar.
It was also awarded a £135m contract to drive forward the next phase of capability enhancements for Typhoon.
And the Tempest next-generation Future Combat Air System programme continues to progress, with the initial concept and assessment phase contract secured.
Chief executive Charles Woodburn said: “Our strong results reflect the outstanding efforts of our employees who have continued to adapt and work closely with our customers, suppliers and trades unions to deliver capabilities which keep nations and citizens safe.”
Meanwhile, new research has calculated the benefit of BAE Systems to the regional economy, revealing that the organisation spent £70m through local suppliers in 2020.
The figures were compiled by Oxford Economics, whose study also showed that the defence giant worked with 220 local suppliers, supporting almost 1,000 jobs throughout the supply chain.
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84
