Planemaker BAE Systems has reported a solid first half of the year and says it is well placed to benefit from a “generally improving market environment.”
The company reported sales of £8.4bn in the six months ended June 2015, compared with £7.6bn in the same period the previous year.
Operating profit was £700m, up from £689m in 2014, and it has an order backlog worth £37.3bn.
BAE Systems employs 9,500 people in Lancashire, including its sites at Warton and Samlesbury.
It makes the Eurofighter Typhoon, the trainer plane the Hawk and parts of the American F-35.
Ian King, BAE Systems’ Chief Executive, said: “Overall, the business performed well during the first half of 2015 during which we have leveraged our capabilities in adjacent growth markets and maintained disciplined cost control.
“We have also continued to invest in developing skills and new technologies for the future.
“These actions have provided resilience through an extended period of reduced defence spending in some key markets and ensured that BAE Systems is well positioned to benefit from a generally improving market environment.”
Chris Boardman, BAE Systems Military Air and Information managing director, said: “The evolution of key capabilities on the Typhoon, delivered alongside our Eurofighter partners, has continued apace.
“These capabilities will ensure the air forces which operate Typhoon have the equipment they need to meet the challenges of an ever-changing world.
“The first half of this year has seen the fruition of a lot of hard work to drive efficiency in the Typhoon programme, ensuring we are offering even better value to our customers.”