Defence giant's revenues top £25bn

By Tim Aldred

21 Feb 2024

BAE Systems GCAP

A record order intake at BAE Systems has seen revenues grow by six per cent to reach £25.3bn.

The group's underlying EBIT increased nine per cent to £2.7bn, and the order book stands at £58bn.

During the year, BAE Systems, which employs more than 11,000 people at its Warton and Samlesbury sites, secured contracts worth more than £11bn across its air sector.

In December, Ministers from Italy, Japan and the UK signed an international treaty to develop an innovative next generation stealth fighter under the Global Combat Air Programme (GCAP) and confirmed that the joint GCAP government headquarters will be based in the UK.

FalconWorks, a new centre for advanced and agile research and technology development, was launched in Warton, and additional funding of £800m was secured from the UK Ministry of Defence to progress the concepting and assessment of the next generation combat aircraft, Tempest.

F-35 aft fuselage manufacturing continued at full-rate production through 2023, with 162 aft fuselages completed during the year. Ten Typhoons were delivered to Qatar Emiri Air Force, with 18 now in service. BAE also reached an agreement with the Kingdom of Saudi Arabia for a further five years of Salam Typhoon support.

The group also acquired Colorado-based Ball Aerospace, a leading provider of spacecraft, mission payloads, and optical and antenna systems, with more than 5,200 employees, 

And further announcements were made as part of the AUKUS trilateral agreement between Australia, the UK and the US, with funding of £3.95bn secured from the UK Ministry of Defence for the next phase of the UK’s next-generation nuclear-powered attack submarine programme.

The board has recommended a final dividend of 18.5p, taking the total dividend for 2023 to 30.0p - an increase of 11.1 per cent on last year.

Charles Woodburn, chief executive, 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.”

Enjoyed this? Read more from Tim Aldred

Latest news

1

Pure Leisure Group Expands Portfolio with Acquisition of Twin Lakes Country Club John Morphet at Twin Lakes

Pure Leisure Group Expands Portfolio with Acquisition of Twin Lakes Country Club

29 Apr 2025

2

County’s universities join forces to help business community University of Central Lancashire

County’s universities join forces to help business community

29 Apr 2025

3

Financial Affairs support the Red Rose Award winners' reception Networking photograph

Financial Affairs support the Red Rose Award winners' reception

24 Apr 2025

4

Lancaster University unveils cutting-edge computing and cyber security facilities Head of Lancaster University's School of Computing and Communications Professor Nigel Davies, Chris Ensor, Vice-Chancellor Professor Andy Schofield and Pro-Vice-Chancellor (Engagement) Professor Sarah Kemp

Lancaster University unveils cutting-edge computing and cyber security facilities

24 Apr 2025

5

Northcote announces new owners Alf and Clare Ellis as Lisa Goodwin-Allen returns as chef patron-director Craig Bancroft and Lisa Goodwin-Allen

Northcote announces new owners Alf and Clare Ellis as Lisa Goodwin-Allen returns as chef patron-director

24 Apr 2025

Pc Prestonmacan Gif980x120 March
Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
LBV122 May/June Launch Event
121 Lancashire Business View Magazine Launch
Networking
21 May 2025

LBV122 May/June Launch Event

Lancaster and Morecambe College, Lancaster, LA1 2TY

08:30 - 10:30

Sub36 Networking
Networking
11 Jun 2025

Sub36 Networking

British Jewellery School, Scorton, PR3 1BA

15:00 - 17:00

Lancashire Net Zero Carbon Conference
Net Zero Carbon Social 1200px 2
Networking
18 Jun 2025

Lancashire Net Zero Carbon Conference

Crow Wood Hotel & Spa Resort, Burnley, BB12 0RT

08:30 - 13:00

Lancashire Built Environment Conference 2025
BEC 315 X 315 Px
Networking
25 Sep 2025

Lancashire Built Environment Conference 2025

Blackpool Football Club, Blackpool, FY1 6HX

08:30 - 13:00

CMI Level 5 Management and Leadership Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Management and Leadership Course

Preston Campus, Preston , PR1 2HE

09:00 - 17:00

CMI Level 5 Project Management Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Project Management Course

Preston Campus, Preston, PR1 2HE

08:00 - 17:00

RISE - The Academy for Female Leaders and Managers
WENDY BOWERS RISE Illustrstion copy.jpg.jpg
LBV Hub Seminars
02 Apr 2025 - 08 Oct 2025

RISE - The Academy for Female Leaders and Managers

East Lancashire Chamber of Commerce, Clayton le Moors, BB5 5JR

09:00 - 15:30

People Power: Exclusive Event Series
Stay ahead in 2025.jpg.jpg
LBV Hub Seminars
29 Apr 2025 - 29 Apr 2025

People Power: Exclusive Event Series

People's History Museum, Manchester, M3 3ER

17:00 - 21:00

Planning for the future + navigating Inheritance Tax changes
Planning for the future + navigating Inheritance Tax changes for website.png.png
LBV Hub Seminars
01 May 2025 - 01 May 2025

Planning for the future + navigating Inheritance Tax changes

Stanley House Hotel, Mellor, Blackburn, BB2 7NP, Blackburn, BB2 7NP

08:00 - 10:30

Advantage: AI – A Workshop for Business Leaders – May 2
EV-land-2025-05B.png.png
LBV Hub Seminars
02 May 2025 - 02 May 2025

Advantage: AI – A Workshop for Business Leaders – May 2

Door4 Office, Burnley Wharf, Manchester Road, Burnley, BB11 1JG

09:00 - 11:00

A night at the races
1.png.png
LBV Hub Dinners / Balls
02 May 2025 - 02 May 2025

A night at the races

Morecambe FC, Morecambe, LA4 4TB

19:00 - 23:59

Innovating business solutions through PhD Partnerships
30478 Skills Bootcamp open day setting.jpg.jpg
LBV Hub Networking
07 May 2025 - 07 May 2025

Innovating business solutions through PhD Partnerships

University of Central Lancashire, Preston , PR1 2HE

14:30 - 15:30

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more Lbv121 Online Graphic
Subscribe now

Weekly news bulletin