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Friday, July 19, 2024

Bae Systems Announces 2022 Full Year Results: Air Highlights

BAE Systems has today published its 2022 full year results. The Company employs nearly 13,000 people in its Air Sector, including around 10,000 people at its Warton and Samlesbury sites, which equates to around one in ten of all manufacturing jobs in Lancashire and reflects the region’s role as a hub for advanced engineering. The remaining employees its Air sector are based at sites across the UK including Brough, RAF Coningsby and RAF Marham in the East of England, Frimley and Yeovil in the South of England, RAF Valley in Wales and Prestwick and RAF Lossiemouth in Scotland.

Teams in the Company’s Air business provide vital frontline military capabilities to UK and international customers, making an important contribution to safeguarding national defence and security. This includes playing a key role developing the future combat air system, Tempest, as well as providing training and support for the Royal Air Force Typhoon, F-35 Lightning and Hawk fleets.

Charles Woodburn, BAE Systems Chief Executive, said:

“We’ve delivered another year of strong results across the Group. Our employees have done an outstanding job to effectively manage supply chain and inflationary pressures whilst delivering critical capabilities and driving efficiencies for our customers.

“Our diverse geographic footprint, deep customer relationships and highly relevant, leading defence technologies mean we’re well positioned to support national security requirements in an elevated threat environment.

“Our record orders and financial performance give us confidence in delivering long-term growth and to continue investing in new technologies, facilities and thousands of highly skilled jobs, whilst increasing shareholder returns.”

Results in brief

Financial performance measures as defined by the Group
Year ended 31 December 2022  Year ended 31 December 2021  

Variance

Sales £23,256m £21,310m +4.4%
Underlying EBIT £2,479m £2,205m +5.5%
Underlying earnings per share

excluding one-off tax benefit (2021 only)

including one-off tax benefit (2021 only)

55.5p

55.5p

47.8p

50.7p

 

+9.5%

 

Free cash flow £1,950m £1,864m +£86m
Net debt (excluding lease liabilities) £(2,023)m £(2,160)m +£137m
Order intake £37,093m £21,458m +£15,635m
Order backlog £58.9bn £44.0bn +£14.9bn
Financial performance measures as derived from IFRS
Year ended 31 December 2022  Year ended 31 December 2021  

Variance

Revenue £21,258m £19,521m +8.9%
Operating profit £2,384m £2,389m
Basic earnings per share 51.1p 55.2p -7.4%
Dividend per share 27.0p 25.1p +7.6%
Net cash flow from operating activities £2,839m £2,447m +£392m
Group’s share of net post-employment benefits surplus/(deficit) £0.6bn £(2.1)bn  

+£2.7bn

Order book £48.9bn £35.5bn +£13.4bn

In 2022, BAE Systems:

  • welcomed the UK Ministry of Defence’s investment in Typhoon future capabilities, with the Royal Air Force’s (RAF) fleet to be equipped with state-of-the-art radar, sustaining high value jobs in Lancashire;
  • delivered the first eight of 24 Typhoons to Qatar as part of the overall Typhoon programme which continues to support 20,000 jobs across the UK economy;
  • confirmed its role in supporting the agreement with Governments of the UK, Japan and Italy to develop a next generation fighter aircraft, under the Global Combat Air Programme;
  • announced its role in the design and delivery of the UK’s first flying technology demonstrator for generations, set to fly within five years;
  • continued full rate production on the F-35 programme at its advanced manufacturing hub in Samlesbury, where more than 1,500 employees directly support the manufacture of key components of every F-35 in the global fleet;
  • worked with the Royal Air Force (RAF) to deliver 40 new electric battery ground power units for the RAF’s fleet, which it’s estimated could reduce CO2 emissions by 90% and cut running costs by 80% compared to existing diesel units;
  • signed an agreement to collaborate with Red 6 to integrate its augmented reality technology onto the Hawk fast jet trainer in support of its next generation training strategy;
  • signed an 11-year contract worth £590m to continue supporting the UK’s Hawk T2 Fleet, including the RAF’s Red Arrows, securing hundreds of jobs in North Wales;
  • recruited a record number of apprentices and graduates into its business, including 346 in Lancashire, and is hiring thousands more experienced professionals and early careers trainees across the UK this year.

The Company is proud to contribute to both safeguarding national defence and security and contributing to the economic prosperity of the places where its people live and work.

In Lancashire, BAE Systems works with more than 200 supply chain businesses and continues to support high value jobs through investing and nurturing the next generation of advanced skills the region needs to remain at the forefront of aerospace manufacturing and engineering.

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