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Gloucestershire Business News

Defence giant with Gloucester base reports significant increase in profits

BAE Systems have reported an 18 per cent jump in profits in 2019 and the defence giant is forecasting another year of growth in 2020.

In a preliminary announcement of their 2019 accounts issued this morning, BAE Systems said that 2019 profits will be £1.899billion, up from £1.605billion in 2018.

Revenues rose through the £20billion barrier to hit £20.109 billion a seven per cent increase on the previous year.

BAE Systems operate an Applied Intelligence operation in Gloucester Business Park, one of numerous bases throughout the UK.

The company make Typhoon fighters, combat vehicles and nuclear-powered submarines and operate across the defence sector.

Charles Woodburn, Chief Executive, said: "2019 has been a year of significant progress for BAE Systems.

"We delivered a good set of financial results in line with guidance, growing sales and earnings, with improved operational performance and increased investment in the business to underpin our growth outlook.

"Strategically we took a number of actions to strengthen the portfolio and the pensions agreement announced today is good for all stakeholders.

"These will help to accelerate our strategy and further our growth outlook.

"We have a large order backlog and remain focused on strong programme performance to deliver a sustainable business model with enhanced financial performance."

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