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Gloucestershire Business News

BAE Systems sees sales rise despite challenges

BAE Systems defied the "challenging backdrop" of the pandemic to post an increase in sales and profits in 2020.

The aerospace and security giant, which has a base in Brockworth, said sales rose by four per cent to £20.86billion last year.

Preliminary full year result revealed earnings before tax were up by £15million to £2.13 billion with operating profit rising by £31million to £1.93billion.

Sales are predicted to grow from three to five per cent in the coming year, despite the fall in the order book from £37.2billion to £36.3billion.

Net debt increased to just over £2.7billion last year.

Chief executive Charles Woodburn said: "Throughout 2020, we focused on keeping our people safe and supporting our communities, while continuing to deliver for our customers.

"We have delivered a strong set of results against a challenging backdrop of the global pandemic.

"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."

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