BAE Systems: Aerospace giant's chief exec makes trading statement to workers

BAE Systems staff will be addressed by the company’s chairman and chief executive today.
By Catherine Musgrove
Published 4th May 2023, 12:30 BST
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Chairman Sir Roger Carr and Chief Executive Charles Woodburn, will comment on the "good operational performance” of the Group in 2022 as part of it’s Annual General Meeting in Farnborough.

Results

The Group’s full year 2023 guidance is unchanged from the Preliminary announcement on 23 February 2023, which showed that in the year ending December 31, 2022:

Charles Woodburn, chief executive of BAE Systems, pictured with the full-sized mock-up of the 6th Generation combat aircraft, the Tempest at Warton.Charles Woodburn, chief executive of BAE Systems, pictured with the full-sized mock-up of the 6th Generation combat aircraft, the Tempest at Warton.
Charles Woodburn, chief executive of BAE Systems, pictured with the full-sized mock-up of the 6th Generation combat aircraft, the Tempest at Warton.

- Sales were £23.256m, up 4.4 per cent on the year before.

- Revenue was also up 8.9 per cent on 2021 to £21.258m

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- The order book jumped from £35.5bn in 2021 to £48.9bn in 2022.

The 2023 Free Cash Flow (FCF) is said to be more than £1.2bn and Cumulative FCF for 2023-2025 between £4bn - £5bn.

"Strong”

Charles Woodburn, BAE Systems Chief Executive, said: "Trading so far this year has been in line with expectations with continued good operational performance.

“Order flow on new programmes, renewals and progress on our opportunity pipeline remains strong. In particular, the AUKUS announcement in March is significant for the company in the medium and long-term and we look forward to supporting our customers in this far reaching programme.

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“In the current elevated global threat environment, we’re continuing to deliver mission critical requirements to our customers, and our global presence and diverse portfolio of products and services provide a high visibility for top line growth, margin expansion and cash generation in the coming years.”

Who are BAE Systems?

Teams in the Company’s Air business provide vital frontline military capabilities to UK and international customers, making an important contribution to safeguarding national defence and security. This includes playing a key role developing the future combat air system, Tempest, as well as providing training and support for the Royal Air Force Typhoon, F-35 Lightning and Hawk fleets.

The company’s workforce accounts for around one in ten of all manufacturing jobs in Lancashire and reflects the region’s role as a hub for advanced engineering.

In December, it announced plans to take on more than 2,600 apprentices in 2023 – more than half of them from the North West.

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