Annual sales and profits rise for BAE Systems

Chief executive Charles Woodburn said:"We've delivered a strong operational and financial performance in 2023 and I'm extremely proud of the way our people have delivered cutting-edge equipment and services to our customers, working together with partners across our supply chain.

"Our performance, combined with our global footprint and record order intake, means we're well-positioned for sustained growth in the coming years. We'll keep driving the business forward, investing in new technologies, facilities and our people. This will help us deliver on our order backlog and help ensure our government customers stay ahead in an uncertain world, whilst delivering increased value to our shareholders and the communities where we operate."

The company, which has a joint venture at Hadley Castle Works in Telford known as Rheinmetall BAE Systems Land, said sales were up nine per cent to £25.28 billion with underlying earnings before tax up by the same percentage to £2.68bn.

Order intake for the year rose £600 million to £37.7bn. The order book increased from £48.9bn to £58bn over the year.

The growth in sales and revenue was driven by strong programme performance across all sectors.

The board has recommended a final dividend of 18.5p, taking the total dividend for 2023 to 30p – an increase of 11.1 per cent on the previous year.

This month the group completed the acquisition of the US-based Ball Aerospace business from Ball Corporation for £4.4bn

The AMPV combat vehicle has moved into full rate production following contract awards.