- Defence company BAE Systems warned that earnings would be lower than last year after reporting a fall in profit in the first half of the year.

The company also resumed its dividend payments.

For the six months ended 30 June, pre-tax profit fell to £689m from £776m on-year, while revenue was up 6% to £9.2bn.

Order backlog fell to £46.1bn from £47.4bn.

The company declared a dividend of 13.8p for the year ended 31 December 2019 and an interim dividend of 9.4p per share in respect of the half year ended 30 June 2020.

Looking ahead, the company said it expected sales to increase by a low-single digit percentage compared to last year, and underlying earnings per share to be a mid-single digit percentage lower than last year's 45.8p.

Free cash flow was expected to be approximately £800m for the full year, close to 'our original guidance allowing for the lower earnings,' the company said.

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