TARCG - Defence Giant Bae Systems Reports Impressive Sales Growth In The Face Of The Pandemic

by Liz Seyi Digital marketing manager

The COVID-19 crisis has posed a stiff challenge to the defence aerospace sector just as it has many other industries, but supplier BAE Systems has demonstrated its resilience, reporting another strong year of growth – including increased sales.

The company told investors that its sales went up by 4% in 2020, to £20.86 billion, compared to £20.11 billion during the previous full year.

Operating profit also increased, by £31 million to £1.9 billion, while revenue heightened by £1 billion to £19.3 billion. The business added that it had delivered a 2% rise in underlying earnings per share over the past year, to 46.8p, and that it expected an increase in this measure of between 3% and 5% in 2021.

Overcoming coronavirus difficulties and aspiring to new heights of innovation

BAE Systems helps to protect national security and keep critical information secure through its development of advanced defence technology. The company’s defence solutions protect customers not only in the air, but also across sea, land and cyber domains.

Furthermore, with over 85,000 employees across more than 40 countries, BAE is a truly global force in aviation jobs and recruitment.

While, as a sector, defence has not been as adversely impacted as some industries since the onset of the pandemic, BAE’s figures remain impressive against a difficult international economic backdrop.

Although some of the products the company sells to commercial sectors such as aviation, transport and cyber were not in as great demand in 2020, this was largely offset by positive trading in its fighter jet, electronic systems and combat shipbuilding units.

Indeed, BAE said it was buoyed by a new order for Typhoon jets, and that it expected two acquisitions in its electronic systems business from last year to help drive its performance in 2021.

“A strong set of results”

BAE Systems CEO Charles Woodburn commented: “Thanks to the outstanding efforts of our employees and close cooperation with our customers, suppliers and trades unions, we have delivered a strong set of results against a challenging backdrop of the global pandemic.

“In 2021 we will continue to drive operational performance, progress our sustainability agenda and invest in high-end discriminating technologies to meet our customers’ priorities, which will ensure we are well-positioned to grow the business and contribute to the economic prosperity of the countries in which we operate.”

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