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BAE Systems reports rise in profits and sales

Published on: Thursday 18th February 2016
Categorised under: Work , Apprentices, BAE Systems, Barrow

The Apprenticeship Guide 2016BAE Systems has reported a rise in sales and profits in 2015, with its Barrow-based submarines operation playing a key role in the success.

The company saw operating profit rise from £1.3bn to £1.5bn, while sales increased by £1.3bn to £17.9bn. Highlights for the BAE Systems – Submarines operation ranged from progress on the delivery of its submarine programme, the redevelopment of the Barrow site to successful recruitment and a commitment to apprenticeships.

Tony Johns, managing director of BAE Systems’ Submarines, said: "We have made good progress on all our major programmes and achieved a number of significant milestones.

"Our focus on the Successor programme remains on maturing the design ahead of the start of construction, while the redevelopment of our site in Barrow is progressing well.”

The report specifically mentions:

  • Good progress on the Astute submarine programme throughout 2015 with the third in class, Artful, beginning sea trials in August. In November she was handed over and accepted by the Ministry of Defence (MOD) and is now in operational service with the Royal Navy.
  • The MOD awarded a contract for the delivery of the fifth Astute class submarine, taking the total value for work on the vessel to £1.3 billion. The contract covers the design and remaining build, test and commissioning activities on Anson, which is now at an advanced stage of construction and on schedule to leave for sea trials in 2020.
  • Significant progress was made on the £300m-plus redevelopment of the Barrow site: Construction started on a logistics facility, contracts were placed for the construction of a new manufacturing facility and refurbishment of existing facilities began.
  • Work on Successor, the programme to replace the Vanguard class, continued with the maturing of the submarine design. In March 2015, the MOD awarded BAE Systems a £257m contract for continuing design work. Earlier this month an additional contract of £201m was awarded by the MOD to further mature the design of Successor.
  • Continued recruitment drive with net headcount growth exceeding 750 in 2015.
  • Further commitment to early careers with 307 apprentices and 31 graduates joining BAE Systems’ Submarines business.

Click here to learn more about BAE Systems, its work and current career opportunities.

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