BAE Systems' share price fell after it revealed further job cuts today.
The defence giant is cutting up to 440 managerial positions from its Military Air & Information (MAI) business, with the brunt of jobs being lost at its Lancashire base. Its share price had fallen 0.7 per cent after the announcement.
The move comes as part of an ongoing drive to cut costs from the company, and follow a review of the company's management structures.
The Lancashire bases in Samlesbury and Warton are expected to lose 286 positions from the team, with the remaining cuts coming from locations around the UK, including Brough, Christchurch, Frimley, Lincolnshire and Norfolk. Seven jobs are expected to go from overseas location.
Chris Boardman, managing director of the MAI division, said: “It is always regrettable when you have to announce potential job losses. However, we believe that by implementing changes to our management structure we will become a more efficient and effective business, and be better placed to meet the needs of current and potential customers in what is an increasingly competitive market.
“We have a strong order book with Hawk, Typhoon and F-35 in production across our business and this, aligned with our extensive and growing in-service support work with the Royal Air Force and our overseas customers, provides a strong foundation for a long-term sustainable business.
“We understand that this is a time of uncertainty for our employees and we are committed to working with them and their representatives to explore ways of avoiding and mitigating potential job losses.”