BAE Systems has released its full year results and says it has been a strong performance in 2023 for the defence firm.
BAE Systems, which has its Submarines division in Barrow, revealed its full year revenue was up 9% to £23.07 billion and its order book had increased by £9.1 billion.
It said its growth in sales and revenue was driven by strong programme performance across all sectors, including securing a £2.4bn of order intake for Dreadnought submarines, with three boats now in construction in Barrow.
In March last year, further announcements were made as part of the AUKUS trilateral agreement between Australia, the UK and the US, with funding of £3.95bn secured from the UK Ministry of Defence for the next phase of the UK’s next-generation nuclear-powered attack submarine programme.
Charles Woodburn, chief executive, said: “We’ve delivered a strong operational and financial performance in 2023 and I’m extremely proud of the way our people have delivered cutting-edge equipment and services to our customers, working together with partners across our supply chain.
“Our performance, combined with our global footprint and record order intake, means we’re well-positioned for sustained growth in the coming years. We’ll keep driving the business forward, investing in new technologies, facilities and our people.
“This will help us deliver on our order backlog and help ensure our government customers stay ahead in an uncertain world, whilst delivering increased value to our shareholders and the communities where we operate.”
