- Defence company BAE Systems reported a jump in half-yearly profits as ongoing operational improvements helped bolster performance

For the six months ended 30 June, pre-tax profits jumped to £776m, from £571m a year earlier as revenue grew 4% to £8.7bn.

The order backlog further increased to £5.6bn from £4.6bn a year earlier, mainly on the award of the Low-Rate Initial Production for the Armored Multi-Purpose Vehicle.

The company said it now expected net debt to be broadly unchanged for the year from the net debt at 31 December 2018, a slight improvement from the previous guidance reflecting a net timing mix on the Qatar Typhoon programme and the M109A7 programme, the company said.

The company also said it would continue to target in excess of £3bn of free cash flow over the three-year period 2019-2021.

At 8:04am: [LON:BA.] BAE Systems Plc share price was -0.1p at 542.5p

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