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Birmingham Post
Birmingham Post
Business
Jon Robinson

BAE Systems targets further growth as revenue and profits rise

Further growth has been forecast by defence giant BAE Systems after its sales and profits increased during its latest financial year.

The UK's largest defence contractor, which has sites across the country, has reported a revenue of £19.5bn for 2021, up from the £19.2bn it posted in the prior year.

The group's operating profit also jumped from £1.9bn to £2.3bn over the same period.

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BAE Systems, which manufactures the likes of combat ships, submarines and fighter jets, added it sales are expected to grow by between 2% and 4& during 2020.

In a statement issued to the London Stock Exchange, the group said the growth is set to be in the electronic systems, air, maritime and cyber and intelligence divisions.

In financial measures defined by the group, it posted sales of £21.3bn, up from £20.8bn, and an underlying EBIT of £2.2bn, up from £2bn.

Chief executive Charles Woodburn said: "Our strong results reflect the outstanding efforts of our employees who have continued to adapt and work closely with our customers, suppliers and trades unions to deliver capabilities which keep nations and citizens safe.

"We are continuing to evolve our business, increasing our investments in advanced technologies to deliver differentiated solutions to meet our customers' priorities.

"Our diverse portfolio, together with our focus on programme execution, cash generation and efficiencies, is helping us to navigate the challenging operating environment, meaning we are well positioned for sustained top line and margin growth in the coming years."

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