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Interim Results

BAE Systems underlying earnings up

02 August 2017 07:14

BAE Systems' performance in the first half was consistent with its expectations and guidance for the year with sales rising to £9.6bn, and underlying EBITA up 11% to £945m, - up 4% and 5% respectively on a constant currency basis.

The financial performance measures as defined by the group show underlying earnings per share up by 14% to 19.8p; operating business cash flow of £277m and net debt of £1.7bn.

Order intake increased by £3.6bn to £10.7bn and included award of a production contract for the initial batch of three Type 26 frigates.

Order backlog increased to £42.3bn after adverse exchange translation of £0.4bn.

Financial performance measures defined in IFRS: - Revenue increased to £9.0bn, up 3% on a constant currency basis5. - Operating profit increased by 11% to £865m, or 5% on a constant currency basis. - Basic earnings per share increased by 36% to 17.5p. - Net cash flow from operating activities of £341m. Chief executive Charles Woodburn said: "BAE Systems' performance in the first half was consistent with our expectations and guidance for the year.

"We have a sound platform for medium-term growth underpinned by a clear and consistent strategy.

"Strong programme execution, technology and enhanced competitive positions will be key in driving the business forward, and we will continue to focus on efficiency and meeting our customers' affordability challenges.

"With the expected improvement in the defence budget outlook in a number of our markets, the Group is well placed to continue to generate good returns for shareholders."

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