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| BAE Systems profits almost double | BAE Systems profits almost double |
| (10 minutes later) | |
| Defence giant BAE Systems has reported a strong rise in annual profits for 2008 as orders and sales grew, helped in part by the weak pound. | Defence giant BAE Systems has reported a strong rise in annual profits for 2008 as orders and sales grew, helped in part by the weak pound. |
| Pre-tax profits for the full year were £2.37bn, up 91% from £1.24bn in 2007. Sales of £18.54bn were up 18% on the previous year, while orders rose 20%. | Pre-tax profits for the full year were £2.37bn, up 91% from £1.24bn in 2007. Sales of £18.54bn were up 18% on the previous year, while orders rose 20%. |
| The strong results were also boosted by a number of overseas acquisitions. | The strong results were also boosted by a number of overseas acquisitions. |
| The company said that it expects further "good growth" in 2009, despite an expected dip in land vehicle sales. | The company said that it expects further "good growth" in 2009, despite an expected dip in land vehicle sales. |
| The pre-tax profits figure included a one-off gain from sales of £238m. | |
| "The group performed well with organic growth from well-positioned businesses," a company statement said. | "The group performed well with organic growth from well-positioned businesses," a company statement said. |
| Overseas acquisitions | Overseas acquisitions |
| In June 2008, BAE acquired US-based MTC Technologies and Australian-based Tenix Defence. | In June 2008, BAE acquired US-based MTC Technologies and Australian-based Tenix Defence. |
| Despite the programme of acquisitions, the company said it was able to generate good cash flow and maintain a strong balance sheet. | Despite the programme of acquisitions, the company said it was able to generate good cash flow and maintain a strong balance sheet. |
| As well as the overseas acquisitions, orders were boosted by a new 15-year UK munitions capability contract and a UK aircraft carrier contract. | As well as the overseas acquisitions, orders were boosted by a new 15-year UK munitions capability contract and a UK aircraft carrier contract. |
| BAE said it would continue to benefit from the continued weakness of sterling against the US dollar. | BAE said it would continue to benefit from the continued weakness of sterling against the US dollar. |
| The company supplies tanks to the US army, which is involved in military operations in Afghanistan and Iraq. | The company supplies tanks to the US army, which is involved in military operations in Afghanistan and Iraq. |
| It also said that it expects business in India to increase this year. | It also said that it expects business in India to increase this year. |