Loss of US contract torpedoes BAE profits

Defence giant BAE Systems today said profits had been torpedoed by the loss of a key US contract and hefty fines to settle bribery allegations.

Loss of US contract torpedoes BAE profits
Thu, 18 Feb, 2010 - 09:07

Defence giant BAE Systems today said profits had been torpedoed by the loss of a key US contract and hefty fines to settle bribery allegations.

The loss of a major deal to build trucks for the US Army – confirmed earlier this week – meant a £973m (€1.1bn) write-off at its Armor Holdings business bought in 2007.

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