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15/02/2002
BAE Systems remain confident of resurgence
BAE Systems have offered employees hope for some optimism this week after rumours of job cuts at the company.
The company's pre-tax profits dropped from £179 million in 2000, to £70 million in 2001. The company will have endure a leaner period after another fall in full-year profits was announced.
In spite of new government contracts, the company refused to rule out the possibility of job cuts at their Clydebank factory. Directors instead pledged their belief that the company would recover.
"Looking further ahead, the existing order book will deliver good growth in defence activity, while prospects for Airbus remain excellent over the medium term," said Chairman Sir Richard Evans.
While the defence manufacturing division of the group is set to profit from expanded US and British government military budget spends, expectations are that commercial projects such as Airbus will continue to struggle.
The company said the "a sharp deterioration in the commercial aircraft market" impacted on civil aerospace. A company, spokesperson said, this would delay the resumption of growth in the performance of the company in 2002.
BAE put the cost of the September 11th attacks on its business interests at £400 million.
The order book remains healthy in the short term as the company earned the contracts for the Joint Strike Fighter, six Type 45 destroyers, and the Airbus A380. The group remains confident that the A400M military transport will go ahead, were BAE also expressed satisfaction that orders for the A380 superjumbo were continuing to be received.
"Despite difficult markets, we have delivered on our plans and we have reshaped our commercial aerospace activities to remove risk and focus on the future growth we see in the commercial jet market," said Sir Richard.
"We have also brought about a fundamental shift in our defence business to reflect the growing emphasis on systems and the importance of the US market. Since the early nineties, we have been pursuing a strategy to transform the company into a world-wide business with systems engineering at its heart."
BAE posted pre-tax profits of US$100.10 million (€115.11 million), down 60 per cent, compared with US$255.98 million (€294.4 million) last year.
(GMcG)
The company's pre-tax profits dropped from £179 million in 2000, to £70 million in 2001. The company will have endure a leaner period after another fall in full-year profits was announced.
In spite of new government contracts, the company refused to rule out the possibility of job cuts at their Clydebank factory. Directors instead pledged their belief that the company would recover.
"Looking further ahead, the existing order book will deliver good growth in defence activity, while prospects for Airbus remain excellent over the medium term," said Chairman Sir Richard Evans.
While the defence manufacturing division of the group is set to profit from expanded US and British government military budget spends, expectations are that commercial projects such as Airbus will continue to struggle.
The company said the "a sharp deterioration in the commercial aircraft market" impacted on civil aerospace. A company, spokesperson said, this would delay the resumption of growth in the performance of the company in 2002.
BAE put the cost of the September 11th attacks on its business interests at £400 million.
The order book remains healthy in the short term as the company earned the contracts for the Joint Strike Fighter, six Type 45 destroyers, and the Airbus A380. The group remains confident that the A400M military transport will go ahead, were BAE also expressed satisfaction that orders for the A380 superjumbo were continuing to be received.
"Despite difficult markets, we have delivered on our plans and we have reshaped our commercial aerospace activities to remove risk and focus on the future growth we see in the commercial jet market," said Sir Richard.
"We have also brought about a fundamental shift in our defence business to reflect the growing emphasis on systems and the importance of the US market. Since the early nineties, we have been pursuing a strategy to transform the company into a world-wide business with systems engineering at its heart."
BAE posted pre-tax profits of US$100.10 million (€115.11 million), down 60 per cent, compared with US$255.98 million (€294.4 million) last year.
(GMcG)
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