Defence company BAE Systems see rise in sales but warns of orders reducing

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BAE Systems has seen its sales grow almost two per cent to £22.4bn, its results for last year show.

But the defence and security giant, which has much of its UK-based marine operations based in Portsmouth, warned that this year could see its sales fall off as defence spending cuts in the UK take hold.

The company says it will continue to work with the Ministry of Defence to address the changes in spending outlined in the Strategic Defence Spending Review and will work towards making itself a more streamlined, efficient business.

Ian King, BAE Systems chief executive said: ‘There continues to be sustainable growth prospects across our markets and we have a clear strategy which provides confidence in the resilience and strength of our business.’