Skip navigation

Gloucestershire Business News

£8billion revenue increase for Gloucestershire-based company

BAE Systems help build the Eurofighter Typhoon

BAE Systems have reported an increase in order intake of £8billion and a "record high" order backlog in their latest full year results.

The multinational defence, security and aerospace company that has its Applied Intelligence centre on Gloucester Business Park delivered a "strong operational performance" in 2018.

Order intake increased to £28.3 billion, while order backlog was up by £9.7bn to £48.4 billion.

Sales decreased by £0.1bn to £18.4 due to an expected reduction in the Typhoon aircraft, but with growth in their US businesses largely offsetting the loss.

Underlying earnings per share increased by two per cent to 42.9p while earnings before interest, taxation and amortization (EBITA) decreased by £46 million to £1.928bn.

Reporting an increase to operating profit of £186 million to £1.605 billion, chief executive Charles Woodburn pointed to a number of significant contract wins.

BAE agreed deals with the government of Qatar to supply 24 Typhoon and nine Hawk aircraft and a memorandum of intent with Saudi Arabia for the purchase of 48 Typhoons.

Woodburn said: "The Group made good progress in strengthening the outlook and geographic base of the business, with a number of significant contract wins.

"The defence order backlog is now at a record high with visibility on many of our key programmes through the next decade.

"Delivering a strong operational performance and continued investment will enable us to meet our growth expectations and underpin the long term."

The full financial results can be viewed at https://www.baesystems.com/en/article/2018-full-year-results

Related Articles

EXCLUSIVE: Dowdeswell Estates and Gloucester City Council agree deal to redevelop The Fleece Hotel Image

EXCLUSIVE: Dowdeswell Estates and Gloucester City Council agree deal to redevelop The Fleece Hotel

Punchline can exclusively reveal that a "game changing" deal has been agreed to transform a Gloucester City centre landmark.

VIDEO: Take a tour of the historic Fleece Inn in Gloucester ahead of its redevelopment Image

VIDEO: Take a tour of the historic Fleece Inn in Gloucester ahead of its redevelopment

Punchline TV speaks to the key players in the redevelopment and takes a peak inside the historic building before it is redeveloped

Work starts on Cheltenham Quadrangle rooftop restaurant development  Image

Work starts on Cheltenham Quadrangle rooftop restaurant development

Transformation of landmark Cheltenham town centre building the Quadrangle has now begun, with contractors moving onto the site.

Historic house for sale - with Lord of the Manor title Image

Historic house for sale - with Lord of the Manor title

If you have aspirations to becoming a real life Lord of the Manor and fancy following in the footsteps of Royalty we could be able to help.

Copyright 2019 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.