BAE Systems reports ‘solid’ results
BAE Systems has claimed it delivered a solid performance in 2013 against the background of reduced government spending and challenging market conditions.
Sales increased by 2% to £18.2 billion, but operating profit fell from £1,605 million in 2012 to £806m last year and the group's order backlog of £42.7bn.
BAE Systems chief executive Ian King said: "A proactive focus on costs and enhanced competitiveness protected our margins across the majority of the business and we secured further contract wins in the US, Saudi Arabia and internationally.
"We have started 2014 with good momentum with a settlement on Salam pricing, US budgets in place and a well-defined UK maritime sector plan.
"Budget pressures in some of the Group's larger markets are expected to prevail, but BAE Systems has a broad-based portfolio. Our strong order backlog and robust balance sheet provide a solid basis for growth over the medium term."
