BAE SYSTEMS HALF YEAR RESULTS 2009, BAE Systems

Release Date: 2009-07-30

“BAE Systems continues to perform well with performance in the first half of 2009 consistent with the Group’s expectations of good growth for the full year. BAE Systems’ strategy of investment in businesses with strong positions in attractive sectors of the defence and security market continues. Despite the difficult economic environment and changes in priorities in many of its markets, the Group continues to develop plans for growth over the medium term.”

Ian King, CEO BAE Systems

HIGHLIGHTS

• Results reflect continued good progress and delivery to plan
o Headline sales growth up 28% to £9,941m
o Underlying EBITA up 19% to £979m (2008: £820m)
o Underlying earnings per share increased by 10% to 17.8p
o Cash inflow from operating activities £448m
o Dividend increased by 10.3% to 6.4p

• The Group benefits from programme and market diversity
o Leading positions in a number of markets with long-term sustainable opportunities to develop the Group’s industrial presence
o Wide range of programme activities, many conducted under long-term contracts
o Substantial proportion of the business engaged in through-life capability and support, in many cases through multi-year partnering agreements

• Clearly defined strategy continues to evolve and deliver
o Adapting capabilities in anticipation of changing requirements has resulted in a continuously evolving business with a good track record of identifying and exploiting higher growth opportunities
o Strong future growth drivers in tactical combat aircraft
o Strategic initiatives target sustained global growth in future years – Land, Security, UAS, Readiness & Sustainment
o Continued commitment to total performance culture

• Good visibility
o Large forward order book of £45bn
o Realistically based plans


Earnings before amortisation and impairment of intangible assets, finance costs and taxation expense (EBITA) excluding profit/(loss) on disposal of businesses and uplift on acquired inventories. Restated to exclude profit/(loss) on disposal of businesses.
Type: NORMAL
Company: BAE Systems
Country: United Kingdom
Url: http://www.baesystems.com/Newsroom/NewsReleases/autoGen_10963092247.html
 
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