BAE releases results

BAE Systems has released its preliminary results for 2007 announcing a 14 per cent rise in sales to £15,710m and a £123m rise in operating profits.

The company’s order book increased £6.9bn to £38.6bn and cash inflow from operating activities rose 178 per cent to £2,162m. Net cash as defined by the group went from $435m to £700m.

‘We have delivered another strong set of results in 2007, underpinned by the successful application of our global strategy,’ said Mike Turner, chief executive. ‘Our large order book and consistently good performance execution gives us unprecedented future visibility. This provides us with a high degree of confidence that we will continue to create value for our customers, shareholders and employees.’

The company revealed strong growth in the US market through organic growth and acquisitions.

BAE Systems also stressed their commitment to the UK economy revealing that last year the company spent £3.2bn with UK suppliers.