Virus left Q1 performance unaffected, says BAE Systems
BAE Systems has claimed there was ‘no material impact’ on its financial performance as a result of the COVID-19 coronavirus pandemic in Q1 2020.
Although there was a limited impact on the financial stability of BAE Systems in Q1, it warned in a 3 April statement that ‘at this stage, it is not possible to predict either the duration of the disruption or its impact on the 2020 outturn’.
The company continued to secure significant contracts and contract modifications in the three months ended 31 March, on programmes such the M109A7 self-propelled howitzer programme (pictured), USN ship repairs and the THAAD missile defence programme.
Furthermore, BAE Systems expects that its acquisition of Collins Aerospace Military GPS business and Raytheon’s Airborne Tactical Radios business will be completed as planned in Q2 or Q3 of this year. Funding for both acquisitions has already been allocated by the group.
Related Equipment in Defence Insight
More from Defence Notes
-
![What does the US decision to pause Ukraine support mean for the war and the stock markets?]()
What does the US decision to pause Ukraine support mean for the war and the stock markets?
NATO and other Western countries had been singing from the same song sheet since the full-scale invasion of Ukraine by Russia three years ago but the alliance has been weakened as the new US administration under President Donald Trump pauses military aid to Ukraine.
-
![Ireland begins work on buying fighter jets and doubling the naval fleet]()
Ireland begins work on buying fighter jets and doubling the naval fleet
Since the release of Ireland’s Commission on the Defence Forces (CoDF) report two years ago there have been whisperings about the potential of Ireland buying fighter jets, one of the most ambitious recommendations. The prospect has now inched closer.
-
![UK defence budget increased to 2.5% by 2027 as geopolitical landscape darkens]()
UK defence budget increased to 2.5% by 2027 as geopolitical landscape darkens
UK Prime Minister Keir Starmer raises defence spending, while both NATO and President Trump demand significant further increases.
-
![Ukraine leads the way on battlefield use of directed energy weapons]()
Ukraine leads the way on battlefield use of directed energy weapons
Increased drone use in Ukraine and in Middle Eastern conflicts has created a strong impetus to develop laser and radio-frequency firepower as exploration of direct-energy technology intensifies.
-
![Saudi Arabia eyes large procurement spend as it boosts 2025 defence budget to $78 billion]()
Saudi Arabia eyes large procurement spend as it boosts 2025 defence budget to $78 billion
The new figure is an increase from US$75.8 billion in 2024 and showcases the country’s focus on its Saudi Vision 2030 to achieve a diversified and sustainable economy, reducing the Kingdom’s dependency on oil.
