7th May 2008 07:01
BAE SYSTEMS PLC07 May 2008 BAE Systems plc Interim Management Statement for the period from 1 January 2008 to 6 May 2008 7 May 2008 BAE Systems plc today issues its first interim management statement inaccordance with the requirements of the UK Listing Authority's Disclosure andTransparency Rules. The statement relates to the period from 1 January 2008 to 6May 2008. BAE Systems continued to progress well in the period, building on the strongperformance of 2007 and with the Group's large order book providing excellentforward visibility. Trading for the period has been consistent with managementexpectations at the time of the preliminary results announcement on 21 February2008. Additional order intake of approximately $0.8bn (£0.4bn) received in theperiod for mine protected vehicles, has further enhanced the near term outlookfor the Land & Armaments business. As announced on 3 April 2008, a reduction inthe UK military aircraft workforce is to be undertaken to reflect anticipatedchanges in the nature of the workload in that sector; the resultant costs willnot impact our outlook for the year. For the Group as a whole, a further year of good growth is anticipated for 2008. The sale of the Surveillance and Attack business for $240m (£122m) was completedin the period, generating a profit on disposal of £61m. In December 2007 and January 2008 the Group announced the proposed acquisitionsof MTC Technologies Inc and Tenix Defence, respectively, for a combinedconsideration of £0.6bn. These acquisitions are progressing towards completion. The Board's Nominations Committee is leading the search for suitable candidatesto succeed Mike Turner as Chief Executive after he retires from the Company inAugust. The independent committee (chaired by Lord Woolf) appointed by the Board tostudy and report on the status of ethical policies and processes in the Groupreported at the end of the period. The committee's findings will now beevaluated and acted upon. AGM The Company's Annual General Meeting will be held today at 11.00am at the QueenElizabeth II Conference Centre, London. An announcement detailing the voting onthe resolutions put to the meeting will be issued later today. Forthcoming dates BAE Systems will announce the Group's results for the six months to 30 June 2008on 1 August 2008. Cautionary statement All statements other than statements of historical fact included in this InterimManagement Statement, are forward-looking statements. Such forward-lookingstatements, which reflect management's assumptions made on the basis ofinformation available to it at this time, involve known and unknown risks,uncertainties and other important factors which could cause the actual results,performance or achievements of BAE Systems or the market and economies in whichBAE Systems operates to be materially different from future results, performanceor achievements expressed or implied by such forward-looking statements. Nothingin this Interim Management Statement shall be regarded as a profit forecast. BAESystems plc and its directors accept no liability to third parties in respect ofthis Interim Management Statement, save as would arise under English law.Accordingly, any liability to a person who has demonstrated reliance on anyuntrue or misleading statement or omission shall be determined in accordancewith section 90A of the Financial Services and Markets Act 2000. Issued by:BAE Systems plcLondon This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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