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BAE Systems reports fall in operating profits in first half of 2014

 

BAE Systems has reported a drop in half-year operating profits to £689m at the end of June.

Sales fell by 10 per cent to £7.6bn compared with the previous half-year point.

The company employs approximately 4,350 people across its maritime business operations in the Solent area.

The company named the naming of HMS Queen Elizabeth and the delivery of blocks for the second aircraft carrier, HMS Prince of Wales, being delivered as ‘key areas of activity’ for Portsmouth in the first half of the year.

John Hudson, managing director at BAE Systems Maritime, said: ‘This is an incredibly busy time for our UK Maritime sector. The recent naming and float out of HMS Queen Elizabeth was a fantastic achievement for all those involved and preparations are well underway at Portsmouth, the ship’s future home port, ahead of her arrival in 2017.

‘We continue to provide a high-level of in-service support to the fleet, which was underlined by the recent award of a £70 million contract extension to manage the support, maintenance and upgrade of the Type 45 destroyers on all their operations.

‘Meanwhile, negotiations are at an advanced stage on the five-year Maritime Support Delivery Framework contract for the delivery of services at the Naval Base.

‘Against this backdrop, we continue to work with our trade unions and employees to explore all potential opportunities to mitigate job losses in our shipbuilding business.

‘In particular, we are working hard to help as many employees as possible to secure new roles in our maritime services business.’

 

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