Pension funding

BAE Systems reaches agreement with the Trustee Board for pension funding

FTSE News FTSE 100

BAE Systems plc (LON:BA) today announced that, after consultation with The Pensions Regulator in the UK, it has reached agreement with the Trustee Board of the combined scheme on the accelerated funding valuation and revised deficit recovery plan. In October 2019, six of the Group’s nine UK pension schemes (including the two largest schemes) were consolidated into a single scheme. …

BAE Systems Proposed acquisitions of Radios business & GPS business

FTSE News FTSE 100

BAE Systems (LON:BA) has today announced that it has entered into a definitive Asset Purchase Agreement to acquire Collins Aerospace’s Military Global Positioning System business (“GPS business”) for $1.925bn in cash, subject to customary closing adjustments. As an asset purchase there is an expected tax benefit of c.$365m. The Company has also entered into a definitive Asset Purchase Agreement to acquire …

BAE Systems announce retirement of Harriet Green

FTSE News FTSE 100

As reported by BAE Systems (LON:BA) earlier this year, with effect from today and in accordance with current corporate governance best practice, Harriet Green has retired from the BAE Systems Board having completed nine years’ service as a non-executive director. Sir Roger Carr, Chairman of the Board, said, “Harriet has been an outstanding member of the Board and has made …

BAE Systems plc – Tax provisions

FTSE News FTSE 100

BAE Systems (LON: BA.) announced today that following agreements reached in respect of overseas tax matters a one off non-cash benefit has been recognised to 2019 earnings per share. In addition, following review of April’s EU Commission’s decision that concluded the UK’s Controlled Foreign Company regime partially represents State Aid, the Group has recognised a provision for the estimated exposure. …

BAE Systems plc  Remains subject to geopolitical uncertainties

FTSE News FTSE 100

BAE Systems plc  (LON:BA) will hold its Annual General Meeting today at 11.00 a.m. in Farnborough, Hampshire, UK. At the meeting, Chairman, Sir Roger Carr, and Chief Executive, Charles Woodburn, will comment on the performance of the Group in 2018, as detailed in the results announcement published on 21 February 2019, and outline the continued progress in the Group in …

BAE Systems Plc Outlook for 2018 remains unchanged

FTSE News FTSE 100, News

BAE Systems Plc (LON:BA.), today announced a trading update.

Trading update

The Group’s outlook for 2018 remains unchanged. Overall, we expect the Group’s underlying earnings per share for 2018 to be in line with the full-year underlying earnings per share for 2017, with some small additional benefit from exchange translation.*

* Compared with the Group’s actual performance for 2017 as re-presented to reflect the impact of the adoption of IFRS 15 from 43.5p to 42.1p and assuming a US$1.35 to sterling exchange rate

UK Market

In the UK, the recently announced budget re-emphasised the UK’s commitment to strong defence and security and the company focus remains on execution of our long term contracted positions in Air and Maritime. The production ramp up of the F-35 programme is progressing well. On the Offshore Patrol Vessels programme work continues to rectify the quality issues on the first ship, with lessons learned bein

BAE Systems plc good progress in the first half

FTSE News FTSE 100, News

BAE Systems plc (LON:BA.), today announced half year report 2018. Charles Woodburn, Chief Executive, said: “We have made good progress in the first half strengthening the outlook through significant wins on the Australian SEA 5000 and US Amphibious Combat Vehicle programmes. These, combined with the launch of the UK Combat Air Strategy, provide good momentum into the second half and …

BAE Systems PLC contract update

FTSE News FTSE 100, News

BAE Systems PLC (LON:BA.) today issued this statement to provide an update on a number of contracts it has been pursuing in the first half of the year. SEA 5000 The Australian Commonwealth Government has selected BAE Systems as the preferred tenderer to deliver its nine ship Future Frigate programme for the Royal Australian Navy. The overall announced programme is …