Defence Notes

Sales surge for BAE Systems in FY2019

20th February 2020 - 12:00 GMT | by The Shephard News Team

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BAE Systems confirmed that the company saw a 7% increase in sales throughout FY2019. This represents an increase of £1.7 billion ($2.18bn).

At the same time, operating profit increased to £1.89 billion with basic earnings per share also jumping 48% to 46.4p.

Charles Woodburn, CEO of BAE Systems said: ‘2019 has been a year of significant progress for BAE Systems. We delivered a good set of financial results in line with guidance, growing sales and earnings, with improved operational performance and increased investment in the business to underpin our growth outlook’.

A number of key contracts were awarded or renewed throughout the year including a £230m seven-year Torpedo repair and maintenance contract, increased demand for the Advanced Precision Kill Weapon System (APKWS)and a £352 million contract to upgrade various M88 vehicles.

In a statement released by the company on 20 February, the group reported that: ‘For the year ending 31 December 2020, the Group’s underlying earnings per share is expected to grow by mid-single digit percentage compared to the full-year underlying earnings per share in 2019 of 45.8p, assuming a $1.30 to sterling exchange rate.’

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