Defence firm BAE posts 18% profits rise

Aerospace and defence group BAE Systems today said its key programmes business was stabilising as it unveiled an 18% rise in profits to £392m (€574.9m).

BAE said decisive actions taken in the past two years in the air and sea systems programmes for the British Ministry of Defence (MoD), which have faced uncertainty due to government budget cuts, supported its plans for future recovery of the division.