by Staff Writers
London (AFP) Aug 2, 2017
British military equipment maker BAE Systems said Wednesday that first-half net profits surged, boosted by rising government defence spending and the weak pound.
Net profits soared 36 percent to £555 million ($733 million, 620 million euros) in the six months to the end of June, compared with £408 million a year earlier, BAE said in a results statement.
Sales forged almost ten percent higher to stand at £9.565 billion.
"BAE Systems' performance in the first half was consistent with our expectations and guidance for the year," said chief executive Charles Woodburn.
"We have a sound platform for medium-term growth underpinned by a clear and consistent strategy."
He added: "With the expected improvement in the defence budget outlook in a number of our markets, the group is well placed to continue to generate good returns for shareholders."
Underlying profit -- as measured by earnings before interest, taxes, depreciation and amortization (EBITDA) -- rose by 11 percent to £945 million.
However, stripping out the impact of currency fluctuations, EBITDA increased by five percent.
The British company, which makes Astute submarines and Eurofighter warplanes, has been buoyed by the weak pound which makes its exports more attractive for US buyers.
In Wednesday early morning deals, BAE shares rallied 2.8 percent to 624 pence, bucking a downward trend on the London stock market.
Sterling has slumped in value since the June 2016 referendum in favour of Britain leaving the European Union.
Tokyo (AFP) July 28, 2017
Japan's hawkish defence minister resigned Friday over a long-brewing scandal involving the handling of military documents, in a major political blow to Prime Minister Shinzo Abe. Abe, who has seen his popularity plummet in recent weeks over controversies including claims he showed favouritism to a friend in a business deal, immediately apologised to the nation over the saga. "I feel a ke ... read more
The Military Industrial Complex at SpaceWar.com
Learn about the Superpowers of the 21st Century at SpaceWar.com
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement|