BAE Systems shares fall 10% after profit warning

Laura Dew
clock

Shares in BAE Systems fell 10% today after the aerospace giant issued a profit warning.

Releasing its results for 2013, the group reported pre-tax profits fell by two-thirds to £442m, down from £1.2bn in 2012, while sales rose just 2%. BAE forecast earnings per share could be as much as 10% lower this year. It pointed to "challenging market conditions" and the impact of one-off impairment charge of £865m. However, BAE reached a deal with Saudi Arabia this week to provide 72 Eurofighter Typhoons to the country for £4.4bn. This had been a long-running problem for the firm after the initial contract had to be renegotiated. Shares in the group were 9% lower at 397.24p ...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Investment

Partner Insight: Navigating a new era for investing

Partner Insight: Navigating a new era for investing

Across the developed world, inflation is back and here to stay, says Wellington Management’s John Butler.

Sarka Halas
clock 13 March 2024 • 2 min read
Partner Insight: Should investors go global for more impact?

Partner Insight: Should investors go global for more impact?

Global investing offers scope for broader social impact as well as financial returns.

Sarka Halas
clock 11 March 2024 • 1 min read
Women in Investment Awards winner interview: Omotunde Lawal from Barings

Women in Investment Awards winner interview: Omotunde Lawal from Barings

Supporting the next generation

Katrina Lloyd
clock 07 March 2024 • 1 min read
Trustpilot