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Wednesday, May 31, 2023

Business is booming for BAE Systems

One of the UK’s best known defence companies BAE Systems, has already taken £28 billion of orders this year.

The London firm, which protects people and national security – as well as builds ships, vehicles and aircraft – secured £18 billion of orders in the first half of this year.

Russia’s invasion of Ukraine has certainly boosted custom with ‘elevated threat’ looking likely according to its chief executive, Charles Woodburn.

BAE Systems is spending its cash on research and development, people and facilities to support future growth.

Secured contracts

It recently secured £4.2bn from the British government for five war ships, Type 26 frigates for the Royal Navy.

The company also gained four large contracts with the US military earlier this year, including a contract worth more than $380 million for multiple launch rocket system support services.

Woodburn said: “Our operational performance year to date underlines our confidence in the full year group guidance for top line growth and margin expansion as well as our cashflow targets.

“Order flow remains strong and our focus on programme execution, cash generation and efficiencies is helping us to navigate the challenging operating environment.

“Looking forward, our large order backlog, diverse portfolio position and focus on programme performance position us well for another year of top line growth and margin expansion in 2023.”

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