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.

COMPANIES IN Edgware


Pages: [1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11] [12] [13] [14] [15] [16] [17] [18] [19]

024 Service Station Ltd. 19 Private Membership Club 21St Century Design 3 Aces Ltd.
57 Apsley Road Management Company Limite A & A Chauffeurs A & A Chauffeurs Ltd. A & B Maths & Computing
A & J Motors A & S Appliance Repairs A & Y Vaghela A A A Services Ltd.
A A in-Home Repair Services A B C Catering Equipment A B C Catering Equipment Supplies A B Cleaning Services
A C Nunney Ltd. A D Cooke A G E (London) Ltd. A Golfing Experience
A H P Industrial Services A Holland A I Jones & Son Ltd. A J C Plumbing
A J Gooden A Kevat A M Cohen A M G Travel Ltd.
A Miakhel A Mohammed A N A Nursing Agency A N K Jewellers
A O'Grady Haulage A P Imaging A Pourgarides A R H School of Motoring
A Rob A S Home Security A To Z Construction Co A U Chauhan & Co
A V I Construction Ltd. A Votre Service A Warner A.J.S Travel
A1 Print Group Aargee Novelties Aaron Best Abbas,M,
Abbey Best Cars Abbey Consultants Ltd Abbeyfield Camden Society ABC Catering Equipment
ABC International Abc Stanmore B Abell Telecommunications (U K) Ltd Abercorn Carpet Specialist
Ability Security Systems Ltd. Able Coaches of Edgware Abraham Apikian Absolute Assigned Policies
Absolute Assigned Policies Ltd. Access Garage Doors Access Garage Doors Ltd. Accord Counselling Services
Accountancy & Business Centre Stanmore Ltd. Accountancy Services Ace Consultancy Group Ltd. Acorn Furnishing
Acorn Gardening Acorn Investment Management Action Agents Ltd. Active Consultants
ACTS Ltd Management Development Consultants Adam Carvin's Barber Shop Adams Childrenswear Ade Accountancy Services Ltd
Adeptex Technology Adler Shine Ltd. Admiral World of Betting Adrian M Jacobs
Adscope Advanced Business Lectures & Education L Advanced Demolition & Dismantling U K Lt Advanced Roofing Ltd.
African Cultural Association Africans Orphans Aid Appeal AHL Business Assurance Ahmed Tandoori
Aladdin's Cave Aladdins Cave Alan Cardash Ltd Alan Leonard Hairdressing
Alan Sadick Alan Sadick & Co Alan Silverstein & Co Alan Warner
Alarmtec Auto Security Albany Dry Cleaning Albany Slimming Centre Albatross