‘Solid’ year for BAE Systems

typhoonThe British defence contractor BAE Systems said today that it had “delivered a solid performance in 2013, against the background of reduced government spending and challenging market conditions”.

Announcing its financial results for the year, BAE chief executive Ian King said cost controls together with new contract wins in the US, Saudi Arabia and internationally had helped it maintain profit levels.

The current financial year had started with good momentum with a settlement on Salam pricing (whereby a long-negotiated agreement with Saudi Arabia, relating to the supply of Eurofighter Typhoon aircraft – pictured – was reached). US budgets were in place and there was a well-defined UK Maritime sector plan, King added.

He went on, “Budget pressures in some of the Group’s larger markets are expected to prevail but BAE Systems has a broad-based portfolio.” This, he said would “provide a solid basis for growth over the medium term”.

In 2013, sales increased by 2% to £18.2bn with underlying earnings increasing by 3% to £1.9bn.

Copyright Ken Hurst 2014


About Ken Hurst

Ken Hurst began his career as a journalist in London over 30 years ago, working on a range of publications before moving on to weekly newspaper production in the newly-independent Zambia of the 1970s. He returned to the UK where his work included spells on newspapers and magazines, before moving to head up Norwich Union’s corporate affairs division. In the 1990s he moved on to freelance, co-own and publish the B2B audio magazine Sound and front the BBC radio Yesterday’s Papers programme. There followed six years as Business Editor at Britain’s biggest selling regional daily newspaper, The Eastern Daily Press, where he led an award-winning team and for whom he still writes a weekly socio/political comment column. Subsequently, he was Group Editorial Director at CBM, responsible for its UK and US magazine output – including The Manufacturer magazine – research-driven industry reports and live events content. Currently he is Contributing Editor at Works Management magazine publisher Findlay Media and Chairman of the consumer publishing house TNT Multimedia Ltd. He is a Fellow of the Royal Society of Arts and of the British Association of Communicators in Business.
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