BAE has recorded strong results in its Military Air and Information Business, despite the Government’s spending review and job losses.
The firm announced 668 job losses at Warton following the Government’s spending review which saw an early end to the Harrier programme and the cancellation of Nimrod.
But BAE recorded headline sales of £22.4bn – up 1.8 per cent – and cash flow from operating activities reached £1,535m.
Ian King, chief executive of BAE Systems said: “The group has delivered another robust set of results with the business performing well in a challenging business environment.
“We are successfully meeting the affordability challenge with both improved returns for shareholders and lower costs for our customers.
“There continues to be sustainable growth prospects and we have a clear strategy.”
Highlights of the past year for the Warton site included the £111m Hawk jet trainer service support contract awarded by the Ministry of Defence.
In May, a Eurofighter Typhoon repair support contract saw another £150m contract for the site.
And in September, the group won a £500m order for 57 new Hawk jets for India.
Military Air and Information managing director, Kevin Taylor, said: “In 2010 we continued to pursue our strategy for driving growth in the international market, manufacturing and the provision of through-life services. Over £1.3bn worth of contracts and orders were announced.”