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Manufacturing

BAE Systems targets further growth as revenue and profits rise

The listed group has operations across the º£½ÇÊÓÆµ

BAE Systems has reported its full-year results(Image: BAE Systems)

Further growth has been forecast by defence giant BAE Systems after its sales and profits increased during its latest financial year.

The º£½ÇÊÓÆµ's largest defence contractor, which has sites across the country, has reported a revenue of £19.5bn for 2021, up from the £19.2bn it posted in the prior year.

The group's operating profit also jumped from £1.9bn to £2.3bn over the same period.

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BAE Systems, which manufactures the likes of combat ships, submarines and fighter jets, added it sales are expected to grow by between 2% and 4& during 2020.

In a statement issued to the London Stock Exchange, the group said the growth is set to be in the electronic systems, air, maritime and cyber and intelligence divisions.

In financial measures defined by the group, it posted sales of £21.3bn, up from £20.8bn, and an underlying EBIT of £2.2bn, up from £2bn.

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Chief executive Charles Woodburn said: "Our strong results reflect the outstanding efforts of our employees who have continued to adapt and work closely with our customers, suppliers and trades unions to deliver capabilities which keep nations and citizens safe.