BAE Systems has reported a rise in profits in 2010 but sales growth was poor following a decline in government spending in the wake of the strategic defence spending review.
The company reported pre-tax profits of £1.4bn 2010, up from £266m in 2009. But ignoring exceptional items, underlying profits were up only 0.8%, while sales rose 1.8% to £22.4bn. The minimal growth was due to tighter government spending in the UK and US, which caused sales at BAE’s land and armaments unit to fall 6%.…
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