BAE’s half year results show “good progress”

BAE Systems' Warton plant
BAE Systems' Warton plant
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Weapons giant BAE has released its half year results, which the firm says shows “good progress”.

BAE Systems, Lancashire’s largest private sector employer with plants at Samlesbury and Warton, say the results show a “sound platform for medium-term growth.”

In the six months ending June 30 2017, the company posted sales worth £9,565 million, up from £8,714 million in the same period last year.

The Typhoon project, which has many components made and developed in Lancashire, was singled out as having made good progress.

BAE Chief Executive Charles Woodburn said: “BAE Systems’ performance in the first half was consistent with our expectations and guidance for the year.

“We have a sound platform for medium-term growth underpinned by a clear and consistent strategy.

“Strong programme execution, technology and enhanced competitive positions will be key in driving the business forward, and we will continue to focus on efficiency and meeting our customers’ affordability challenges.

“With the expected improvement in the defence budget outlook in a number of our markets, the Group is well placed to continue to generate good returns for shareholders.”