Annual profits

BAE Systems PLC sees annual profit jump 13% and expects further growth

The company said its defense and security capabilities “remain highly relevant in an uncertain global environment with complex threats.”

BAE Systems PLC (LSE: BA.) has announced increased sales and profits for 2021 and expects further growth for the current year.

Underlying profit (EBIT) was £2.2 billion as of December 31, 2021, up 13% year-on-year and in line with market consensus, driven by an increase of 5% of sales to £21.3 billion.

The defense group forecasts sales growth of between 2% and 4% for 2022, with underlying EBIT expected to increase by 4% to 6%.

It expects sales growth in Electronic Systems, Air, Maritime and Cyber ​​& Intelligence segments, while Platforms & Services (US) sales are expected to be stable.

About 75% of expected sales are already in the order book, BAE noted.

The company said its defense and security capabilities “remain highly relevant in an uncertain global environment with complex threats.”

“This context has given rise to good prospects in existing and new international markets for our products and services in the fields of aviation, maritime, land, space and cybersecurity,” he added.

Net debt fell to £2.16 billion at the end of the year, from £2.71 billion a year earlier.

The company pays a final dividend of 15.2p, bringing the total annual payout to 25.1p, 6% more than the previous year.

The shares climbed 2.76% to 617.40p.