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BAE profits fall in ‘transitional’ year

by Purvai Dua
1st Aug 18 7:51 am

Britain’s biggest defence company BAE Systems has reported a fall in revenue and profit, saying that some issues at US projects and in its maritime unit would be offset by a stronger performance from other parts of the business.

Calling it a “transitional” year, the FTSE 100 group saw an 8.5 per cent drop in sales to £8.2bn, while operating profit was 10.5 per cent lower at £792m.

“With a large order book and a positive outlook for defence budgets in a number of key markets, we have a strong foundation to deliver growth and sustainable cash flow,” Chief Executive Charles Woodburn said in a statement.

He also highlighted that there had been “disappointments” on certain longstanding maritime and platforms & services programmes in the US.

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