18 Feb 2010 | Ref. 039/20
Strong performance as proven strategy continues to deliver
"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
HIGHLIGHTS
Strong results reflect continued progress of Group strategy
- Headline sales up 21% to £22.4bn
- Underlying EBITA up 17% to £2,220m
- Underlying earnings per share up 9.7% to 40.7p
- Dividend up 10% to 16p
- Record order book of £46.9bn
- Strong balance sheet, net cash of £403m
- Cashflow from operating activities at £2,232m
- £500m market purchase of shares to commence
Well balanced global business
- Broad geographic spread of business provides resilience
- Addressing long-term sustainable markets by building local industrial positions
- India identified as seventh home market
- Wide portfolio of products and capabilities with many of the Group's programmes subject to long-term contracts
Long-term sustainable performance
- Good track record in delivering growth and value to shareholders
- Focus on driving performance and efficiency in the business
- Agile in developing the business, adapting capabilities in anticipation of changing requirements
- 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
About BAE Systems
BAE Systems is a global defence, security and aerospace company with approximately 107,000 employees worldwide. The Company delivers a full range of products and services for air, land and naval forces, as well as advanced electronics, security, information technology solutions and customer support services. In 2009 BAE Systems reported sales of £22.4 billion (US$ 36.2 billion).
For further information, please contact:
Lindsay Walls, BAE Systems
Tel: +44 (0)1252 383074 Mob: +44 (0)7793427582
Lindsay.walls@baesystems.com
John Neilson, BAE Systems
Tel: + 44 (0) 1252 384795 Mob: + 44 (0)7802 337704
john.neilson@baesystems.com
Issued by:
BAE Systems, Farnborough, Hampshire GU14 6YU, UK
Tel: +44 (0) 1252 384719 Fax: +44 (0) 1252 383947
24hr media hotline: + 44 (0) 7801 717739
www.baesystems.com
