Thursday 30 July 2020 7:18 am

BAE Systems posts weaker half-year profit as it predicts stronger end to 2020

BAE Systems posted weaker profit for its coronavirus-struck first half of the year today, despite an increase in revenue.

The figures

Profit before tax fell 11 per cent to £689m in the six months to 30 June compared to the same period in 2019.

Meanwhile revenue inched up five per cent to £9.18bn year on year.

Earnings per share also shrank from 25p in the first half of 2019 to 16.7p.

Net debt crept up to £2.04bn, from £1.89bn, while BAE Systems stuck to a 9.4p first-half dividend despite many other firms cancelling payouts.

What BAE Systems said

Charles Woodburn, Chief Executive , said: “We have delivered a robust performance in the first half of the year, thanks to the efforts of all of our employees. We started the year from a strong position and we have taken actions to enhance our resilience, ensuring we continued to deliver against our customer priorities, whilst keeping our employees safe.

“Assuming no significant COVID-19 resurgence, we expect a good second half to the year. Demand for our capabilities remains high and we recognise our role not only in supporting national security, but also in contributing to the economies of the countries in which we operate. “