BAE Systems has published its 2022 full year results, and despite orders, sales and revenue being up, profits are down but still sit in excess of £2 billion.

The company employs nearly 13,000 people in its Air Sector, including around 10,000 people at its Warton and Samlesbury sites, which equates to around one in 10 of all manufacturing jobs in Lancashire and reflects the region’s role as a hub for advanced engineering.

The remaining employees its Air sector are based at sites across the UK including Brough, RAF Coningsby and RAF Marham in the East of England, Frimley and Yeovil in the South of England, RAF Valley in Wales and Prestwick and RAF Lossiemouth in Scotland.

Teams in the company’s Air business provide vital frontline military capabilities to UK and international customers, making an important contribution to safeguarding national defence and security.

This includes playing a key role developing the future combat air system, Tempest, as well as providing training and support for the Royal Air Force Typhoon, F-35 Lightning and Hawk fleets.

In 2021, the company’s operating profits sat at £2.39 billion, but at the end of 2022 the figure had fallen slightly to £2.38bn, despite the order intake increasing by £15.6bn.

However, revenue was up by almost nine per cent from £19.5bn at the end of 2021 to £21.2bn at the end of last year. Sales were also up by £2bn.

Charles Woodburn, BAE Systems chief executive, said: “We’ve delivered another year of strong results across the group.

"Our employees have done an outstanding job to effectively manage supply chain and inflationary pressures whilst delivering critical capabilities and driving efficiencies for our customers.

“Our diverse geographic footprint, deep customer relationships and highly relevant, leading defence technologies mean we’re well positioned to support national security requirements in an elevated threat environment.

“Our record orders and financial performance give us confidence in delivering long-term growth and to continue investing in new technologies, facilities and thousands of highly skilled jobs, whilst increasing shareholder returns.”

In 2022, BAE welcomed the UK Ministry of Defence’s investment in Typhoon future capabilities, sustaining high value jobs in Lancashire.

It also continued full rate production on the F-35 programme at its advanced manufacturing hub in Samlesbury, signed an 11-year contract worth £590m to continue supporting the UK’s Hawk T2 Fleet securing hundreds of jobs in North Wales, and recruited a record number of apprentices and graduates into its business, including 346 in Lancashire.

BAE is also hiring thousands more experienced professionals and early careers trainees across the UK throughout 2023

The company says it is proud to contribute to both safeguarding national defence and security and contributing to the economic prosperity of the places where its people live and work.

In Lancashire, BAE Systems works with more than 200 supply chain businesses and continues to support high value jobs through investing and nurturing the next generation of advanced skills the region needs to remain at the forefront of aerospace manufacturing and engineering.