News Column

BRIEF: BAE Systems' first-half 2014 operating profit falls

July 31, 2014

By Gary Haber York, York Daily Record, Pa.



July 31--BAE Systems Plc., which has a facility in West Manchester Township, saw a drop in profit for the first six months of the year, the British-based defense contractor said Thursday.

The company had operating profit of 689 million British pounds, down 8 percent from 752 million pounds in the first six months of 2013. Sales during the same period fell 10 percent, to 7.6 billion pounds in the first half of 2014 compared with 8.5 billion pounds in the first six months of 2013.

Despite challenges in the U.S. and U.K. markets, sales to Saudi Arabia remained strong, Ian King, BAE Systems' chief executive, said in a press release.

The company also has contracts worth about 40 billion pounds in the pipeline and is finalizing another 1.3 billion pounds in international contracts. It is also negotiating contracts with the British Navy worth an additional 1 billion pounds.

In the U.S., BAE Systems has a bid in with U.S. Army to develop a multi-purpose, armored vehicle to replace the Vietnam War-era M113. If BAE Systems wins the contract, the West Manchester facility would play a large role, the company said in May.

BAE Systems bids on U.S. Army contract

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Source: York Daily Record (PA)


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