BAE have increased their dividend by 4.4%, from 9.0p per share to 9.4p.
Other Financial highlights include:
Financial performance measures as defined by the Group.
- Order backlog of £47.4bn has reduced marginally over the first half of the year with trading on multi-year, long-term contracts in Air partly offset by further growth in the US businesses.
- Sales increased by 4% on a constant currency basis to £9.4bn.
- Underlying EBITA of £999m increased by 9% on a constant currency basis and excluding the estimated impact of IFRS 16.
- Underlying earnings per share increased by 11% to 21.9p, excluding the one-off tax benefit. The Group's underlying effective tax rate (excluding the one-off tax benefit) for the first half of the year was 17%, consistent with the prior year.
- Operating business cash outflow of £309m.
- Net debt at £1.9bn (£904m at 31 December 2018).
Financial performance measures defined in IFRS
- Revenue increased to £8.7bn, up 4% on a constant currency basis.
- Operating profit increased to £896m, up 7% on a constant currency basis and excluding the estimated impact of IFRS 16.
- Basic EPS increased to 25.0p, up 69%, driven by the profit performance and the £161m one-off tax benefit.
Pension
- The Group's share of the pre-tax accounting net pension deficit increased to £4.3bn (31 December 2018 £3.9bn). The funding position is currently estimated to be approximately £2.0bn lower than the accounting position.
