BAE Systems navigates Covid turbulence as sales soar
Aerospace giant BAE Systems hailed a strong full year performance this morning as sales rose by 4 per cent to £20.9bn in 2020.
Operating profit edged up by £31m to £1.9bn as customers rallied for defence and security solutions.
Meanwhile, statutory profit was down 11 per cent to £1.3bn.
Revenue increased by £1bn to £19.3bn, while underlying earnings per share rose 2 per cent to 46.8p.
Cutting edge technology
BAE Systems develops advanced defence technology to protect national security and keep critical information secure.
It has more than 85,000 employees in over 40 countries who search for ways to protect customers across the air, sea, land and on cyber domains.
Defence has been one of the few sectors largely unaffected by coronavirus except some early teething difficulties.
Forecast
BAE Systems said it expected underlying earnings per share to rise by 3 to 5 per cent in 2021, buoyed a new order for Typhoon jets.
The company expects the upcoming year to be boosted by two acquisitions made in 2020, which provide flight controls for fighter jets.
Charles Woodburn, CEO of BAE Systems, praised the company’s efforts in delivering a strong set of results against a challenging pandemic backdrop.
“In 2021, we will continue to drive operational performance, progress our sustainability agenda and invest in high-end discriminating technologies to meet our customers’ priorities, which will ensure we are well positioned to grow the business and contribute to the economic prosperity of the countries in which we operate,” he said.