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BAE Systems injects £1bn into pension fund after strong year

Charles Woodburn, chief executive, said the financial results were in line with guidance, growing sales and earnings.

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Revenues at the aerospace and weapons group rose by 7% to £20.1bn

BAE Systems PLC (LON:BA.) is to pump an additional £1bn into its pension fund in a deal with the trustees to reduce the current £1.9bn deficit.

The extra contribution is on top of the existing commitment of £240mln this year and £250mln in 2o21.

Revenues at the aerospace and weapons group rose by 7% to £20.1bn with profits climbing by 34% to £1.63bn or by 10% to £2.11bn on an underlying basis.

BAE added it met the contractual milestones on the amended £5bn contract for Typhoon and Hawk jets in Qatar where the Qataris have asked for delivers of Typhoons to be speeded up.

The Royal Navy’s new aircraft carrier Prince of Wales was also delivered in December.

Charles Woodburn, chief executive, said the financial results were in line with guidance, growing sales and earnings.

For the current year, BAE forecast growth in underlying earnings per share to grow by a mid-single-digit percentage on 2019’s 45.8p with the pound at US$1.30.

Shares rose 4% to 664.8p.

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