- Defense company BAE Systems reported a rise in profit amid better-than-expected performance in its maritime business.

For the year ended 31 December, pre-tax profit rose to £1.62bn from £1.2bn on-year as revenue increased to £18.3bn from £16.8bn

Sales in the Maritime businesses were up 5%, ahead of guidance, at £3.1bn.

The company reported order intakes of £18.4bn, down from £28.3bn a year earlier, with the orderbook standing at £45.4bn, down from £48.4bn.

Looking to 2020, BAE forecasts underlying earnings per share to grow by mid-single digit percentage compared to the full-year underlying earnings per share growth of 48% in 2020.

'2019 has been a year of significant progress for BAE Systems. We delivered a good set of financial results in line with guidance, growing sales and earnings, with improved operational performance and increased investment in the business to underpin our growth outlook,' the company said. At 8:00am: [LON:BA.] Bae Systems PLC share price was +9.6p at 649.6p

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