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BAE Systems increases its dividend and launches a new buyout with good prospects




Trade visitors walk past an advertisement for BAE Systems at the Farnborough International Airshow in Farnborough, Britain July 17, 2018. REUTERS / Toby Melville / File Photo

  • BAE Systems increases its interim dividend by 5%
  • Launch of a share buyback worth £ 500 million
  • Half-year operating profit per share up 25%
  • Annual operating profit per share up 3 to 5%

LONDON, July 29 (Reuters) – Britain’s defense firm BAE Systems (BAES.L) has lifted its annual forecast, increased its dividend and launched a new share buyback plan, after saying its construction programs under -marines, fighter jets and other equipment all ran smoothly. .

BAE, whose main customers are the United States, Great Britain and Saudi Arabia, has announced that it will increase its dividend to 9.9 pence, up 5% from last year’s interim payment , and would initiate a £ 500 million ($ 697 million) share buyback within the next 12 months.

The plan to boost investor returns, which helps raise the company’s shares by more than 2% at the start of operations, stands out at a time when many companies have suspended dividends to save money and overcome the impact of the COVID-19 crisis.

The stock is up 15% in the past three months.

Defense was largely unaffected by the pandemic, with governments sticking to, and in some cases increasing, military and security commitments.

For the full year, BAE said it expects underlying earnings per share to rise 3% to 5% from last year’s result, even though the pound sterling continued to strengthen against the dollar, which is an improvement over previous forecasts.

BAE said measures taken in 2020 to speed up payments of its UK pension deficit have helped its finances, as its commercial aviation supply unit has started to recover during the period and its cybersecurity activities have also improved.

Agency Partners analyst Nick Cunningham said the dividend payout was better than expected and noted that the buyout was BAE’s first since 2014.

BAE Systems said its confidence has been bolstered by the progress of ongoing projects as it delivered electronic warfare systems for the F-35 fighter aircraft program, made automation enhancements to help increased production of combat vehicles and approached full production of the rear of the F-35. fuselages.

In the first half of the year ended June 30, BAE’s underlying earnings per share rose 25% to 21.9 pence over the period, beating consensus forecast by 20.0 pence.

($ 1 = 0.7177 pounds)

Reporting by Sarah Young; Editing by Kate Holton and Edmund Blair

Our standards: Thomson Reuters Trust Principles.




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