BAE Systems Almost Doubles Profits

BAE Systems has announced a healthy rise in annual profits for 2008 following a growth in orders and sales.
Pre-tax profits for 2008 were £2.37 billion (US$3.4bn), up 91% from £1.24 billion (US$1.78bn) in 2007. Sales of £18.54bn (US$26.4bn) were up 18% on the previous year, while orders rose 20%.
The results were boosted by £238 million (US$341m) from the sale of several of its businesses and in part, by the weak pound making UK goods cheaper.
A company statement said that it is anticipating further “good growth” in 2009, despite an expected dip in land vehicle sales.
It also said that it expects business in India to increase this year.