“BAE Systems has again delivered a strong set of financial results. Our well-defined and proven global strategy is serving the business and our shareholders well. These results show growth underpinned by a strong balance sheet and a record order book. With our broad international business, and with opportunities to further develop our position in the key growth areas of combat aircraft, Readiness and Sustainment and security, we have a strategy focused on long-term sustainable growth.
“BAE Systems is a broadly-based and resilient business with a large order book, agile in developing the business and adapting its capabilities in anticipation of changing requirements.”
Ian King, Chief Executive BAE Systems
Commenting on the strong financial results, Abu Dhabi-based Simon Keith, BAE Systems' Managing Director, Middle East, Africa and Asia-Pacific, said:
“We are a broadly based, resilient business, with a strong order book. Our operations in the Middle East have been an important part of our success in 2009. We look forward to developing our reputation as a long-term, trusted supplier in the region, through the development of mutually beneficial industrial partnerships such as our joint venture with Abu Dhabi Ship Building in the area of naval support."
HIGHLIGHTS
• Strong results reflect continued progress of Group strategy
o Headline sales up 21% to £22.4bn (US$36.2bn)
o Underlying EBITA up 17% to £2,220m
o Underlying earnings per share up 9.7% to 40.7p
o Dividend up 10% to 16p
o Record order book of £46.9bn
o Strong balance sheet, net cash of £403m
o Cashflow from operating activities at £2,232m
o £500m market purchase of shares to commence
• Well balanced global business
o Broad geographic spread of business provides resilience
o Addressing long-term sustainable markets by building local industrial positions
o India identified as seventh home market
o Wide portfolio of products and capabilities with many of the Group’s programmes subject to long-term contracts
• Long-term sustainable performance
o Good track record in delivering growth and value to shareholders
o Focus on driving performance and efficiency in the business
o Agile in developing the business, adapting capabilities in anticipation of changing requirements
o BAE Systems has evolved to become of the world’s leading defence companies and is well positioned to weather the pressures in its global markets
• Effective implementation of global strategy and recognition of the hard work of employees around the world – resulting in £567 of free shares for all employees
