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BAE Systems Issues Trading Update; H1 Sales To Be Broadly Stable

BAE Systems plc (BA.L) said, as anticipated, the pandemic has impacted the business in the second quarter, with sites in the Air and Maritime sectors and US commercial avionics business being most affected. The productivity levels in June have improved within the Group's defence businesses. Sales for the half year are expected to be broadly stable year on year whilst half year profit is expected be approximately 15% lower than last year. The Group said the demand for its capabilities remains high with order intake in line with its original expectations for the year.

The Group said its liquidity remains strong. Operating business cashflow in the half-year remains broadly in line with expectations and, excluding the one-off 1 billion pounds injection into the UK pension scheme, is likely to be consistent with the first half cash profiles seen in the last two years.

BAE Systems also announced that, with effect from June 25, Revathi Advaithi has decided to step down from her role as a non-executive director.

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