13/09/2001

BAE Systems reveals first-half year profits

Defence giant BAE Systems has posted a modest four per cent rise in first half year profits but said it expected growth to pick up next year.

The company, which is the fifth-largest supplier to the US military, posted pre-tax profits of £482 million for the first half of 2001. It also revealed that its order book stood at £45 billion pounds at the end of June, up 10 per cent on a year ago

In a statement, the company said that the rationalisation programme announced in January was being rapidly implemented, and growth in the company's performance was expected to resume in 2002 as planned.

Investors expect the defence sector to receive a significant boost in orders as security and defence spending is ramped up in the wake of Tuesday's terrorist attacks in the US.

BAE Systems employs around 60,000 people in the UK and 100,000 staff worldwide. (MB)

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