BAE Systems unveils full-year results
Revenues grew by 4% in 2020 despite some operational impacts from COVID-19.
BAE Systems announced its full-year financial results on 25 February, noting a 4% sales increase of £800 million ($1.13 billion) to £20.9 billion.
Global order intake grew by almost £2.5 billion to reach £20.9 billion and the order backlog at the end of the year totalled £45.2 billion.
Net debt increased to £2.72 billion, due partly to the acquisitions of the Airborne Tactical Radios and Military Global Positioning System businesses.
BAE Systems expects group sales to grow by 3-5% in 2021.
Highlights from 2020 included an order worth more than £1.2 billion to support production of 38 Eurofighter Typhoon aircraft for the German Air Force, and progress continues on the Tempest technology maturation programme.
In the naval domain, BAE Systems completed work on HMS Audacious, the fourth of seven Astute-class nuclear-powered attack submarines for the Royal Navy; and the build phase of the River-class OPVs was completed (pictured is HMS Medway).
BAE Systems also announced a 15-year agreement with the UK MoD to supply the Next Generation Munitions Solution between 2023 and 2037, and RBSL (the UK-based JV between Rheinmetall and BAE Systems) received a contract under the Mechanised Infantry Vehicle Boxer programme for the British Army.
In the US, the company delivered its first production Armored Multi-Purpose Vehicles in the second half of 2020; one of each of the five variants were delivered by the end of the year. However, it added, ‘operational delays and disruptions related to the COVID-19 pandemic were experienced across manufacturing and shipyard facilities’ in the US.
As part of our promise to deliver comprehensive coverage to our Defence Insight and Premium News subscribers, our curated defence news content provides the latest industry updates, contract awards and programme milestones.
More from Defence Notes
-
![Rheinmetall sales up by almost a quarter on wave of German spending]()
Rheinmetall sales up by almost a quarter on wave of German spending
Germany’s Rheinmetall released its 1H 2025 results on 7 August, continuing the strong growth of recent years. A particular highlight of the result’s presentation was the Skyranger air defence system for which the company is predicting sales of about US$8.2 billion from the German Government before the end of the year.
-
![Defence companies continue to ride procurement wave]()
Defence companies continue to ride procurement wave
Vehicle and technology companies are reporting substantial growth compared to the first half of 2024. Italy’s Fincantieri saw revenues jump 24% for the first half of the year compared to 2024 and Thales up 6.8% for the same period. General Dynamics reported second quarter revenue growth of 8.9% for the second quarter compared to last year and MilDef reported organic order intake growth of 58%.
-
![Singapore plots a way forward with new technology and formation reform]()
Singapore plots a way forward with new technology and formation reform
Singapore spends about 3.5% of GDP on defence and the section’s budget sits on high on the proportion of national spending. The country is investing in uncrewed technology, medium- and long-range fires and new submarines and ships with the hunt also on for new maritime patrol aircraft.
-
![World Defense Show promises bigger and better event for 2026]()
World Defense Show promises bigger and better event for 2026
At this year's IDEF in Istanbul, Shephard spoke to World Defense Show (WDS) CEO Andrew Pearcey about his event's strategic role in Saudi Arabia, its themes and new features for 2026 and how it has grown since its launch in 2022.
