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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

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