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2014 Full Year Results

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In 2014, BAE Systems delivered a solid overall performance, in line with guidance

We continue to win significant new business with over £10bn of new orders from the UK and US for the third successive year. As a result, the large order backlog of £40.5bn continues to provide good, multi-year visibility across many of our businesses.


Looking ahead, defence spending remains a high priority in a number of international markets. In the UK, we benefit from long-term contracts, notwithstanding continued pressure on public spending. We believe US budgets are now relatively stable, with some early indications of a modest improvement in 2016.

These are competitive times and we will continue to invest in and develop the technology, skills and market positions needed to drive the business forward.

The Group is well positioned to continue to deliver shareholder value.

Ian King, Chief Executive, BAE Systems



  •  Sales £16,637m
  •  Underlying EBITA £1,702m
  •  Operating profit £1,300m
  •  Underlying earnings per share 38.0p
  •  Order backlog £40.5bn
  •  Dividend per share 20.5p
  •  Operating business cash flow £1,191m
  •  Net Debt (as defined by the Group) £(1,032)m

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