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In the US, the announced defence budget, while not yet finally agreed in detail, indicates spending reductions much as we had anticipated and points to a more predictable outlook than we have seen in recent years. In the UK, our business continues to benefit from long-term, stable contracts in the maritime and military air sectors. Our robust year end order backlog of £42.7bn, which benefited from the £9.3bn of international business won last year, provides good visibility and performance in our international activities continues in line with plan. We continue to focus on programme execution and on enhancing efficiency and affordability to ensure the Group is best positioned for the future.

Ian King, Chief Executive, BAE Systems

Read the Interim Management Statement

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