• Robust set of results
o Headline sales £9.2bn, (2010: £10.6bn)
o Underlying EBITA £968m, (2010: £1,097m)
o Underlying earnings per share 19.2p, (2010: 19.9p)
o Dividend for half year up 7.1% to 7.5p
• Strong balance sheet allowing balanced use of capital
o Up to £500m market purchase of shares to commence
o Long-term pension deficit funding arrangements continue
o Continued commitment to our dividend policy
o Highly focussed acquisitions, though modest in size
o Continue to streamline overall portfolio
• Evolving strategy
o Pursuing fast lanes of growth in military and technical services, cyber and intelligence and high-end electronics
o Sustainable platform positions
o Opportunities for growth in home markets and exports
o Customer affordability driving continued focus on cost reduction