SpaceWar.com - Your World At War
BAE profits fall, counts on government defence spend
London, Feb 22 (AFP) Feb 22, 2018
BAE Systems, the British maker of military equipment, announced a drop in annual net profit on Thursday but said it expected government defence spending to remain a priority.

Profit after tax dropped 6.5 percent to pound854 million ($1.19 billion, 967 million euros) in 2017 compared with a year earlier, with the group hit by a sizeable impairment linked to its cyber security unit, BAE said in an earnings statement.

Group revenue meanwhile grew 3.0 percent to pound18.32 billion.

"With an improving outlook for defence budgets in a number of our markets, we are well placed to generate good returns for shareholders," said chief executive Charles Woodburn.

Late last year, BAE said it planned to axe 2,000 jobs, mainly owing to weaker demand for Hawk and Eurofighter Typhoon fighter jets.

On Thursday, BAE said that "defence and security remains a priority for the UK government".

BAE's share price was down 2.0 percent at 589.40 pence in early deals on London's benchmark FTSE 100 index, which was lower by one percent overall.

bcp/spm



BAE SYSTEMS


ADVERTISEMENT




Space News from SpaceDaily.com
Out of the string theory swampland
Where did cosmic rays come from? MSU astrophysicists are closer to finding out
Silicate clouds discovered in atmosphere of distant exoplanet

24/7 Energy News Coverage
Auto sector reels from China's rare earth restrictions
c-FIRST Team Sets Sights on Future Fire-observing Satellite Constellations
Leaders warn race for minerals could turn seabed into 'wild west'

Military Space News, Nuclear Weapons, Missile Defense
Japan says two Chinese aircraft carriers seen in Pacific
NATO learns as Ukraine's 'creativity' changes battlefield
Rare earths: China's trump card in trade war with US

24/7 News Coverage
'No doubt' Canadian firm will be first to extract deep sea minerals: CEO
What is the high seas treaty?
World leaders urged to step up for overexploited oceans



All rights reserved. Copyright Agence France-Presse. Sections of the information displayed on this page (dispatches, photographs, logos) are protected by intellectual property rights owned by Agence France-Presse. As a consequence, you may not copy, reproduce, modify, transmit, publish, display or in any way commercially exploit any of the content of this section without the prior written consent of Agence France-Presse.