Charles Woodburn, Chief Executive, said: “We have delivered a robust performance in the first half of the year, thanks to the efforts of all of our employees. We started the year from a strong position and we have taken actions to enhance our resilience, ensuring we continued to deliver against our customer priorities, whilst keeping our employees safe.

“Assuming no significant COVID-19 resurgence, we expect a good second half to the year. Demand for our capabilities remains high and we recognise our role not only in supporting national security, but also in contributing to the economies of the countries in which we operate.”

Results in brief

Financial performance measures as defined by the Group


Financial performance measures defined in IFRS


Six months ended 30 June 2020

Six months ended 30 June 2019

Year ended 31 December 2019



Six months ended 30 June 2020

Six months ended 30 June 2019

Year ended 31 December 2019










Underlying EBITA





Operating profit




Underlying earnings per share





Basic earnings per share




excluding one-off tax benefit (2019 only)









including one-off tax benefit (2019 only)









Operating business cash flow





Net cash flow from operating activities




excluding £1bn pension contribution (2020 only)





including £1bn pension contribution (2020 only)









Net debt









Order intake









Order backlog









Dividend and post-employment benefits




Six months ended 30 June 2020

Six months ended 30 June 2019

Year ended 31 December 2019






Dividend per share









Dividend per share – in respect of 2019 performance










Group’s share of the net post-employment benefits deficit










Throughout the pandemic, our priority has been keeping our employees safe whilst delivering on our commitments to deliver critical defence and security programmes to our customers.

At our Air sites, we have extensively reconfigured on-site facilities to enable social distancing and introduced enhanced cleaning regimes. Whilst a majority of employees continue to work remotely, a sizeable population has returned to site, operating under newly established safe systems of work.

Highlights from the first half of 2020:

  • The next phase of the Tempest technology maturation programme is progressing well with an outline business case submission expected by the end of 2020. International studies are progressing with Sweden and Italy as well as discussion with other prospective partner nations.
  • The PHASA-35® solar-electric powered unmanned aircraft successfully completed its maiden flight in February. Discussions with a range of customers continue in the development of this technology and a range of services.
  • Typhoon support in the UK continues to meet operational performance levels.
  • Typhoon production is focused on sub-assembly and major unit build on the Kuwait and Qatar programmes. Three deliveries of major units under the Kuwait Typhoon contract occurred in the first half of the year and the Qatar Typhoon programme achieved key milestones ahead of schedule.
  • We maintain our commitment to recruit around 270 apprentices in 2020, working across programmes such as Tempest, developing the future of combat air.

For associated materials, please visit:

For further information please contact:

David Coates, BAE Systems
M: +44 (0) 7525 081575

Philippa Mason, BAE Systems
M: +44 (0) 7384 249518

Issued by:
BAE Systems plc
Media hotline: +44 (0) 7801 717739

Ref: 072/2020