BAE Systems PLC has released its preliminary results for 2023, showcasing a robust operational and financial performance. The company's sales and revenue saw a significant increase, driven by strong program performance across all sectors. The underlying EBIT, earnings per share, and profitability of the group all showed positive growth. The company also reported a record order backlog of £69.8bn, reflecting a substantial order intake of £37.7bn in 2023.
The company's financial highlights for the year ended 31 December 2023 include a 9% increase in sales, reaching £25,284m, and a 9% increase in underlying EBIT, amounting to £2,682m. The underlying earnings per share also saw a 14% increase, reaching 63.2p. Additionally, the order backlog reached a record level of £69.8bn, driven by significant awards in the year.
In terms of capital deployment, BAE Systems completed the acquisition of the US-based Ball Aerospace business from Ball Corporation for $5.5bn (£4.4bn) and repurchased 59m shares under the 2022 share buyback program, at a cost of £561m. The company also announced a further buyback program of up to £1.5bn.
Strategically, the company made significant progress, with positive developments such as securing funding for the UK's next-generation nuclear-powered attack submarine program and signing an international treaty to develop an innovative next-generation stealth fighter under the Global Combat Air Programme (GCAP).
Charles Woodburn, Chief Executive of BAE Systems, expressed pride in the company's performance and emphasized their focus on sustained growth in the coming years. He stated, "We'll keep driving the business forward, investing in new technologies, facilities, and our people. This will help us deliver on our order backlog and help ensure our government customers stay ahead in an uncertain world, whilst delivering increased value to our shareholders and the communities where we operate."
The company's strong financial performance, record order intake, and strategic progress position BAE Systems for continued growth and value creation in the future.