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Half Year Results 2011

“BAE Systems delivered a robust set of results in a challenging market environment. The Company is resilient and has performed well. We continue to pursue the fast lanes of growth in the areas of military and technical services, cyber and intelligence and high-end electronics. Our platform positions have been sustained and in addition we see growth in our home markets and from exports.” - Ian King, Chief Executive BAE Systems

• 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