BAE Systems have reported strong profits of £19.5 billion in its financial results for 2021 and have defied the current market trend with a share price increase of 1.93% to 612.4p.
The profit marks a £0.3 billion bump up in profit from the company’s financial results in 2020.
The UK’s biggest defence contractor further reported basic earnings per share of 55.2p against results of 40.7p in 2020.
BAE Systems also reported a sales increase of £21.3 billion against 2020 sales of £20.8 billion.
The company mentioned that its growth for 2022 was projected to stem from electronic systems, air, maritime and cyber and intelligence segments, with BAE System’s Platforms & Services (US) estimated to remain stable.
“Our strong results reflect the outstanding efforts of our employees who have continued to adapt and work closely with our customers, suppliers and trades unions to deliver capabilities which keep nations and citizens safe,” said BAE Systems CEO Charles Woodburn.
“We are continuing to evolve our business, increasing our investments in advanced technologies to deliver differentiated solutions to meet our customers’ priorities.”
“Our diverse portfolio, together with our focus on programme execution, cash generation and efficiencies, is helping us to navigate the challenging operating environment, meaning we are well positioned for sustained top line and margin growth in the coming years.”