business-in-london.biz
 
 
New records

London news

BAE plans ?1bn share buyback as profit stalls

0000-00-00

CATHY ADAMS

DEFENCE and aerospace firm BAE Systems yesterday launched an ambitious ?1bn share buyback programme, as evidence of the “robust performance” of the FTSE firm.

Chief executive Ian King said he could see “green shoots” in the company, which gave it the confidence to unveil the buyback, although full implementation still hinges on discussions with Saudi Arabia over pricing of a key contract.

Despite its optimism, BAE yesterday posted a six per cent fall in profit,, and sales over the year fell seven per cent.

Full-year underlying earnings before interest, tax and amortisation fell to ?1.9bn, hurt by unresolved discussions over pricing of the Saudi Arabian contract to supply the Gulf state with Typhoon aircraft.

BAE warned that its key UK and US markets would be “constrained” this year.

It has come under pressure from shrinking military budgets in the US and the UK, as governments try to reel in large budget deficits.

The UK government pledged in 2010 to slash its defence spending by eight per cent by 2014 while the US – from which BAE derives around 40 per cent of its income – already has plans in place to cut $487bn (?320bn) from its defence budget for the next decade.

BAE – whose proposed merger with European peer EADS collapsed in October as Germany refused to give it the green light – is “absolutely not” in discussions to revive the tie-up, King said yesterday.

Meanwhile, BAE yesterday inked a longevity swap with L&G to safeguard it against the risk that its 31,000 pensioners live longer than current estimates.

CATEGORY: Business Consultants


Pages: [1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11] [12] [13] [14] [15] [16] [17] [18] [19] [20] [21] [22] [23] [24] [25] [26] [27] [28] [29] [30] [31] [32] [33] [34] [35]

137 Newhall Street (Management) Ltd 4 U Consulting Ltd A.B. Consulting Services Limited Achieve Consultancy Ltd.
Actinex Adamco 2000 Ltd Adenbarn Ltd. Adept Consultancy Limited
Adval Ltd Aea Ltd Aegis Risk Management Practices Ltd Afrimac I.T. Consultancy Ltd
Air Management Consultancy Ltd All Ears Ltd. Almond Consultants Ltd AM2 It Consultancy Services Ltd
Anderson Grounds & Company Anisah Consultancy Ltd. Armidale Co Ltd Aylesbury Development Co.
Barbara Yates Business Consultant Batto Consultancy Ltd Belgravia Associates (Europe) Ltd Belhaven Ltd
Bellford Consultancy Services Ltd. Betonica Consultants Ltd Biktow Contracting Ltd Blackstump Dealers Ltd
Bolton Cruz & Co British & Overseas Consultants Ltd Business Activity Centre Butler,Michael R D,
C.H.K.S. Ltd C.R.P. Consultancy Ltd Calcpen Ltd Cannon Reid
Capebay Contracts Ltd Carisbrook Consulting Ltd Catalyst Development Ltd. Cb Capital Consultancy Ltd
CCS IT Limited Centre for Economics & Business Research Ltd. Centre for Strategy & Communication Century Consultants Ltd
Charles & Partners Ltd. Charterhouse Consultancy Chatworth Consulting Chiron Consultation & Therapy Services Ltd.
Cimerian Consulting Ltd CINTIS International Ltd Circus Communications Ltd. City & Guilds of London Institute
Clifford Consultancy Ltd Co. Watch (Holdings) Ltd. COBA Technology Ltd Codex Solutions
Complete Physio Ltd Contract Check CONTRACT400 Consultancy Ltd Control Business Services
Cordis Bright Ltd. Corporate Resources Group (U K) Ltd. Corporate Strategy Consultants Cost Reduction Management Ltd.
Credo Group Ltd. Customer Relationship Management Ltd David Haynes Associates David Shepherd Assocciates
Deodar Associates Ltd. Deskicon Consultancy Ltd DiaGnosis Durninghall Business Centre
E B C Corporate Consultants Ltd. E C Magazines E.M. Evans Consultancy Services Ltd Earlystart Ltd
East London Small Business Centre Ltd. Eerste Contracts Ltd Ember Consultants Ltd Emerging Market Economics Ltd.
Emerson Consultants Ltd. Enztech Consultancy Ltd Ergo Consultancy Ltd. Ethical Consultancy Services Ltd
Eurocan Consulting Ltd. Eurodeal Consultants Ltd Euro-Pacific Consultants Ltd. European Business Information Services Ltd.
Eurostrategy Consultants Executive Shaman Ltd Exemplar Consultants Limited Expatriate Management Ltd
Expense Reduction Associates Ltd Export Venture Financial Management Bureau First City Consulting Ltd.
Flexishape Systems Ltd. Flexy Office Plc Fortuna Consultants Ltd Fox Consulting