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BAE Systems to pay interim dividend in spite of profit drop as it expects full-year sales to rise

The interim dividend of 9.4p per share, is in line with 2019's half-year payout.

BAE Systems - BAE Systems declares dividend as it expects sales to increase

BAE Systems PLC (LON:BA.) is paying a maintained interim dividend although its half-year profits dropped by 11% as it said it expects group sales to increase by around 5% for the whole year.

The FTSE 100-listed defence equipment giant reported increased volumes in F-35, Combat Vehicles and growth in the electronic defence portfolio in its results for the six months ended June 30, 2020, offsetting a shortfall in its commercial business.

READ: BAE Systems set for second-half bounce-back suggest UBS

Overall sales in the six month period rose by 5% to £9.8bn, BAE said while its profit before tax fell by 11% to £689mln due to disruption from the coronavirus pandemic as previously warned. Net debt at the half-year-end was £2bn.

The group said it expects full-year underlying earnings per share to drop by 1%-5% from last year's 45.8p, with free cash flow at £800mln.

BAE's board has declared an interim dividend of 9.4p per share, is in line with 2019's half-year payout.

Quick facts: BAE Systems

Price: 444 GBX

LSE:BA.
Market: LSE
Market Cap: £14.29 billion
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