CHARLES WOODBURN: BAE can maintain observe file, chief govt mentioned
Photograph credit score: BAE Methods
Earnings for BAE Methods, which builds army gear, rose to £3.02 billion (€3.6 billion) final yr as governments worldwide elevated their defence budgets.
World defence spending grew 7.4 per cent final yr to $2.46 trillion (€23.59 trillion) because of Russia’s invasion of Ukraine in 2022, mixed with battle within the Center East and deteriorating relations between the West and China, figures from the Worldwide Institute for Strategic Research confirmed.
BAE’s 2024 income had been 14 per up on 2023, whereas income for the UK firm, which is Europe’s main defence contractor, rose to £28.34 billion (€34.22 billion) in contrast with £25.28 billion (€30.52 billion) the earlier yr.
Orders slowed to £33.7 billion (€40.7 billion), contrasting with £37.7 billion (€45.6 billion) in 2023 though BAE’s file backlog amounted to £77.8 billion (€94 billion), a rise of £8 billion (€9.7 billion) and thrice its annual gross sales.
Over the approaching yr BAE, which employs 107,000 folks in additional than 40 nations, predicts that gross sales will climb between 7 and 9 per cent as Europe prepares to enhance its army energy.
The corporate had sustained its observe file of “robust top-line and earnings progress, free money movement and orders” BAE’s chief govt Charles Woodburn mentioned on February 19.
“We stay assured within the constructive momentum of our enterprise into the long run,” he added.
In the meantime the BAE board has beneficial a ultimate dividend of 20.6p (€0.25) per share, taking 2024’s complete dividend to 33p (€0.40) which, topic to shareholders’ approval, might be paid on June 2, 2025.
