BAE Systems, which employs over 12,000 people in Barrow, has released buoyant half yearly results.
The defence contractor recorded sales valued at £13.4 billion in the six months to June 30, an increase of 13% in 12 months. The company’s order book is now worth £59.6 billion, up from £1.6 billion a year ago.
Among the company’s highlights was the naming in Barrow of Agamemnon, the sixth of the Royal Navy’s leading-edge Astute-class hunter-killer submarines.
The ceremony, held in April, is a key milestone in construction. Five of the seven Astute class submarines on order have been delivered to the Royal Navy with the remaining two boats at advanced stages of construction.
The company is also designing and building the UK’s next-generation nuclear deterrent submarines, Dreadnought, with work underway in Barrow on three of the four new boats.
A contract to work with the US and Australia to build a new fleet of nuclear-powered submarines for Australia known as AUKUS is also a strategic highlight in the half yearly results.
BAE Systems chief executive Charles Woodburn said: “Thanks to the outstanding efforts of our employees around the world, we delivered a strong operational and financial performance in the first half of the year, giving us confidence to increase our year-end guidance across all our key metrics.
“Working closely with our customers, we have maintained momentum on key strategic activities, including AUKUS and the Global Combat Air Programme. We also continued evolving our technology portfolio through strategic acquisitions and the ongoing integration of our new Space & Mission Systems business.
“Our order intake shows that demand for our products and services remains high and we are well positioned for sustained growth in the coming years. We will keep investing in new technologies, facilities and our people so that we can deliver on our record order backlog and help our government customers stay ahead in an uncertain world.”
Shareholders stand to benefit with an interim dividend of 12.4p per share declared, an increase of 8% compared to the interim dividend announced in June 2023, and due to be paid on 2 December 2024.
BAE Systems’ Submarines business has a wide-ranging impact on the UK economy, particularly in the north west of England.
The company predicted its workforce would grow to 12,500, including around new 900 apprentices and graduates by the end of 2023 with an additional 2,700 people due to be recruited during 2024 including 900 apprentices and graduates.
A recruitment centre has been opened by the company in the Portland Walk shopping area to highlight opportunities within the company.
