BAE Systems reports earnings increase of 8%

By Sam Pither

1 August 2022

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British multinational defence firm BAE Systems, which manages the Royal Navy’s fleet in Portsmouth, has reported an 8 per cent increase in its earnings before interest and taxes (EBIT).

Providing a trading update for the first half of 2022, the firm has reported earnings of £1.112 billion, which is up 8.2 per cent compared to the first half of 2021’s £1.082 billion.

Chief executive of BAE, Charles Woodburn (featured above), said: "Our diverse portfolio, together with our focus on programme execution, cash generation and efficiencies are helping us navigate the current macroeconomic challenges and position us well for sustained top line and margin growth in the coming years.

"We see further opportunities to enhance the medium- and long‑term outlook as our customers commit to increased defence spending to address the elevated threat environment.

"Good operational performance, execution on our strategy and confidence in the outlook enables us today to announce a five per cent increase in the interim dividend as well as initiating a new, three-year share buyback programme for up to £1.5 billion."

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BAE Systems employs more than 3,500 people in the Solent region, involved in managing and reinforcing the Navy’s fleet in Portsmouth and researching new weapons and technology.

It has also contributed £250,000 to help with a variety of community projects in the city through HIVE Portsmouth.

The firm was also recently announced as a sponsor of the upcoming Business Innovation South Expo, which will be held at Portsmouth's Lakeside North Harbour in September

By Sam Pither

Sam is the Regional Editor of Biz News, responsible for both Hampshire and Dorset.

A new recruit to journalism, Sam started writing for the Business Magazine as a freelancer in May of 2022 after completing his degree in English at University College London. His passion for local businesses and ability to tell a story soon caught the attention of the publication’s management team and have led to his meteoric rise.

Sam, who lives in central Reading, takes a particular interest in technology, gaming and food and drink, having been a chef before starting his degree.