BAE Systems has announced its half-year results report for 2017.
The aerospace giant provides technology-led defence and aerospace security solutions across the globe and employs around 4,000 people in the Solent area in its Maritime Services and Naval Ships businesses.
The company has made £9,565m in sales so far this year, an increase on last year’s first half results of £8,714m.
Operating business cash flow in its first half 2016 came in at £20m, this year it is recorded at £277m.
Some of tasks lined up for BAE this year included preparing Portsmouth Naval Base for the arrival of aircraft carrier HMS Queen Elizabeth, which is due to come in within weeks.
BAE chief executive Charles Woodburn said: ‘BAE Systems’ performance in the first half was consistent with our expectations and guidance for the year.
‘Strong programme execution, technology and enhanced competitive positions will be key in driving the business forward, and we will continue to focus on efficiency and meeting our customers’ affordability challenges.’
‘With the expected improvement in the defence budget outlook in a number of our markets, the group is well placed to continue to generate good returns for shareholders.’
Some of the highlights from BAE’s first half of the year include completing a dedicated 70,000sq m Centre of Specialisation for the carrier, the Solent Local Enterprise Partnership awarding the business £457,000 in March to design and deliver the UK’s first autonomous systems testing device. Together the Solent LEP and partner organisations are spending £1.5m on this project,
Employees in the Solent region have also raised more than £4,3000 for a variety of charities, committing over 850 hours of volunteer work.