Sales up £606m for BAE Systems
BAE Systems saw sales increase by £606 million last year, but order intake was down from £22.4billion to £20.2bn.
The defence group, which has a site in Telford, saw total sales of £19.62bn in 2017 with underlying earnings before tax up from £1.9bn to £2.03bn.
Chief executive Charles Woodburn said: "We delivered a good performance in 2017, consistent with our expectations for the year.
"We start 2018 with a streamlined organisation and a strong focus on programme execution, technology and enhanced competitiveness, providing a solid foundation for medium-term growth.
"With an improving outlook for defence budgets in a number of our markets, we are well placed to generate good returns for shareholders."
Its US-based electronic systems business received orders on the F-35 Lightning II programme worth £333m for additional hardware production and five years of support.
There was growing demand for its Advanced Precision Kill Weapon System laser-guided rockets, with awards totalling £222m during the year.
In December, BAE Systems and the Government of Qatar entered into a contract, valued at approximately £5bn, for the supply of 24 Typhoon aircraft.
The full £3.7bn production contract for the first batch of three Type 26 frigates was signed in June, with £2.8bn of order intake in the year. Production of the first ship, Glasgow, began in July.
