BAE Systems Lancashire gives big update as priorities set out for armed forces

Bill Jacobs
·2-min read
-Credit: (Image: Reach Publishing Services Limited)
-Credit: (Image: Reach Publishing Services Limited)


UK defence industry giant BAE Systems has revealed is sales and operating profit both rose by more than 12 per cent so far in 2024. The firm, which has major Lancashire military aircraft factories at Samlesbury and Warton, also has a booming order book.

The figures are revealed in a market update on its performance published this week. It shows that sales are up by 12 to 14 per cent on the £25,284million figure for the equivalent period in 2023 and its profit before interest and taxes by the same amount on the same period last year’s £2,682m.

The document says that the current order book amounts to £25 billion. Charles Woodburn, BAE Systems chief executive, said: “Our operational and financial performance so far in 2024 reaffirms our confidence in achieving the upgraded full year guidance we issued at the half year.

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“Focusing on operational excellence, contracting discipline and growing our workforce is enabling us to consistently deliver critical capabilities and technologies for our customers worldwide. At the same time, we continue to invest in our business for the long term, which together with our broad geographic and domain diversity, positions us well for continued growth in the years ahead.”

The update also reveals that by the end of October the firm’s global workforce increased by approximately 7,500 employees, including 1,260 apprentices and 1,000 graduates and undergraduates recruited in the UK. It says that substantial progress has been made with BAE Systems Japanese and Italian industry partners towards an agreement on a proposed joint venture to deliver the Global Combat Air Programme and that the sixth Astute Class submarine for the Royal Navy “Agamemnon” has been, launched from its Barrow-in Furness shipyard in Cumbria.

The market update says: “In the UK, the newly-elected government has clearly stated its commitment to strengthening the armed forces and increasing defence spending to 2.5 per cent of Gross Domestic Product. We are actively engaged with the government on its ongoing Strategic Defence Review, which is due to make recommendations on the nation’s future defence plan in the first half of next year.

“It has also identified defence as one of eight growth-driving sectors in its upcoming industrial strategy.”

The firm 2024 expects an interim dividend of 12.4 pence per share will be paid on December 2 with its preliminary results for the year ending 31 December 31 to be announced on February 19.

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