BAE reports higher profits

Defence group BAE Systems today reported higher first-half profits as its customers increase military spending to support forces fighting overseas.

Defence group BAE Systems today reported higher first-half profits as its customers increase military spending to support forces fighting overseas.

Pre-tax profits for the six months to the end of June rose to £791m (€914m) from £657m (€835.2m) a year earlier as total sales increased 12% to £7.75bn (€9.9bn).

The company added that it was confident over full-year trading due to strong demand for armoured wheeled vehicles.

Shares opened higher after today’s figures met analyst forecasts.

The results were also the last to be presented by Mike Turner, who retires at the end of August having been at BAE for 42 years, including six years as chief executive. He will be replaced by Ian King, currently chief operating officer.

Mr Turner said today: “We are very pleased, once again, to deliver consistently good growth in our profits and in our sales.

“Sales up over 12%, profits up around 14%, and we have a record order book which gives us great confidence that we can continue the growth into the future.”

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