DEFENCE firm BAE saw profits take off by more than £125million over the last 12 months.
The firm, which employs thousands of people at its base in Samlesbury, near Blackburn, reported that its operating profits increased from £774million to £900million, with sales of £15.4billion, up from £13.2billion the previous year.
The aerospace group said today that the strong results were due to higher defence spending in the US and the UK, and it was confident of its future, expecting to see an improved performance in 2006, thanks to an increased contribution from the commercial aerospace sector.
The firm is also intending to make a one-off payment into its pension schemes to help tackle a £2.4billion deficit.
Mike Turner, CEO of the firm, said: "2005 was a landmark year for BAE Systems, in which we delivered a strong set of financial results and met our top ten objectives. We have consistently delivered on our strategy and have clearly established ourselves as the premier transatlantic defence and aerospace company."
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