Virus left Q1 performance unaffected, says BAE Systems
BAE Systems has claimed there was ‘no material impact’ on its financial performance as a result of the COVID-19 coronavirus pandemic in Q1 2020.
Although there was a limited impact on the financial stability of BAE Systems in Q1, it warned in a 3 April statement that ‘at this stage, it is not possible to predict either the duration of the disruption or its impact on the 2020 outturn’.
The company continued to secure significant contracts and contract modifications in the three months ended 31 March, on programmes such the M109A7 self-propelled howitzer programme (pictured), USN ship repairs and the THAAD missile defence programme.
Furthermore, BAE Systems expects that its acquisition of Collins Aerospace Military GPS business and Raytheon’s Airborne Tactical Radios business will be completed as planned in Q2 or Q3 of this year. Funding for both acquisitions has already been allocated by the group.
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