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BAE Systems profits jump amid operational improvements

By BFN News | 08:04 AM | Wednesday 31 July, 2019

Defence company BAE Systems reported a jump in half-yearly profits as ongoing operational improvements helped bolster performance For the six months ended 30 June, pre-tax profits jumped to £776m, from £571m a year earlier as revenue grew 4% to £8.7bn. The order backlog further increased to £5.6bn from £4.6bn a year earlier, mainly on the award of the Low-Rate Initial Production for the Armored Multi-Purpose Vehicle. The company said it now expected net debt to be broadly unchanged for the year from the net debt at 31 December 2018, a slight improvement from the previous guidance reflecting a net timing mix on the Qatar Typhoon programme and the M109A7 programme, the company said. The company also said it would continue to target in excess of £3bn of free cash flow over the three-year period 2019-2021. At 8:04am: (LON:BA.) BAE Systems Plc share price was -0.1p at 542.5p Story provided by

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