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BAE Systems sees jump in sales and profits BAE Systems sees jump in sales and profits
(35 minutes later)
BAE Systems, the defence, aerospace and electronics giant, has seen a rise in both sales and profits for 2015.BAE Systems, the defence, aerospace and electronics giant, has seen a rise in both sales and profits for 2015.
Operating profit rose from £1.3bn to £1.5bn while sales increased by £1.3bn to £17.9bn.Operating profit rose from £1.3bn to £1.5bn while sales increased by £1.3bn to £17.9bn.
Chief executive Ian King said the group was well placed to continue to generate attractive returns for shareholders as "defence budgets recover". Profits are expected to rise by up to 10% in 2016.Chief executive Ian King said the group was well placed to continue to generate attractive returns for shareholders as "defence budgets recover". Profits are expected to rise by up to 10% in 2016.
In recent years, the company has seen a squeeze on defence spending.In recent years, the company has seen a squeeze on defence spending.
It is also expanding into provision of cyber security for major corporations, including banks and telecoms.It is also expanding into provision of cyber security for major corporations, including banks and telecoms.
'Solid performance''Solid performance'
The applied intelligence division saw sales rise by 31% last year and BAE predicts sales will continue to go up as cyber security becomes increasingly important for both governments and commercial organisations. BAE's cyber and intelligence division consists of the US-based Intelligence & Security and Applied Intelligence in the UK. Overall the division's sales increased by 3% to £1.8bn.
Applied Intelligence saw sales rise by 31%, 13% of which was as a result of the acquisition of cyber security company SilverSky, with the rest coming mainly from commercial customers in the UK.
BAE predicts sales will continue to go up as cyber security becomes increasingly important for both governments and commercial organisations.
In its statement BAE said it had delivered another year of "solid performance" and "resilience in markets constrained by wider economic pressures".In its statement BAE said it had delivered another year of "solid performance" and "resilience in markets constrained by wider economic pressures".
Defence spending
It added that the UK government commitments to "protect defence and security spend, in a still tightly constrained UK economic environment, were helpful".It added that the UK government commitments to "protect defence and security spend, in a still tightly constrained UK economic environment, were helpful".
As part of its Strategic Defence and Security Review in November 2015, the government said it would continue to invest in expanding the capabilities of BAE's Typhoon fighter jets and extend the aircraft's service life until at least 2040.As part of its Strategic Defence and Security Review in November 2015, the government said it would continue to invest in expanding the capabilities of BAE's Typhoon fighter jets and extend the aircraft's service life until at least 2040.
And in the US, the government announced plans to increase spending on defence in both 2016 and 2017 and BAE says it expects to benefit from that.And in the US, the government announced plans to increase spending on defence in both 2016 and 2017 and BAE says it expects to benefit from that.
Earlier this week, BAE announced the appointment of Charles Woodburn to the newly created role of chief operating officer, with the expectation that he would take over as chief executive in about 18 months.Earlier this week, BAE announced the appointment of Charles Woodburn to the newly created role of chief operating officer, with the expectation that he would take over as chief executive in about 18 months.
Shares in BAE rose by nearly 1% on Thursday morning.