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
-
![Patria OPTIME and ILIAS: Orchestrating operational readiness across every domain]()
Patria OPTIME and ILIAS: Orchestrating operational readiness across every domain
Patria OPTIME is a sustainment concept that integrates MRO and lifecycle services into one solution, powered by the ILIAS digital defence platform
-
![US military seeks common controllers for drones and robotic systems]()
US military seeks common controllers for drones and robotic systems
US Air Force, Army, Marine Corps and Special Operations Command initiatives signal demand for interoperable uncrewed systems control, creating opportunities for suppliers of hardware, software and integration services.
-
![“Communicating at mission speed”: why data security is essential for operational success]()
“Communicating at mission speed”: why data security is essential for operational success
In conversation… Everfox’s Chairman and Chief Executive Officer Dave Wajsgras and Managing Director, International, Colin McKinty discuss the critical importance of information security in defence, minimising insider risk and the company’s international growth strategy with Shephard’s Andrew White.
-
![“Engage with the operational problem”: how software innovation can boost UK defence]()
“Engage with the operational problem”: how software innovation can boost UK defence
In Conversation… Shephard’s Andrew White talks to Zafer Şen, CEO and co-founder of OBSS, about the future of command-and-control software in the age of artificial intelligence, and his company’s ambitions in the UK defence market.
