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BAE profits soar on Iraq conflict BAE profits soar on Iraq conflict
(20 minutes later)
Work to re-equip UK and US troops in Iraq and Afghanistan has helped profits to soar at defence group BAE Systems.Work to re-equip UK and US troops in Iraq and Afghanistan has helped profits to soar at defence group BAE Systems.
The UK's largest defence firm, BAE made a pre-tax profit of £657m ($1.4bn), compared with £378m a year earlier.The UK's largest defence firm, BAE made a pre-tax profit of £657m ($1.4bn), compared with £378m a year earlier.
BAE said the "high tempo" of UK and US military operations was increasing demand for land systems to support armed forces overseas.BAE said the "high tempo" of UK and US military operations was increasing demand for land systems to support armed forces overseas.
BAE, which saw its half-year revenues rise 10%, said it was also boosted by contract wins in the US. BAE, which is facing an anti-corruption probe by US authorities, saw its half-year revenues rise by 10%.
It said its US operations achieved organic sales growth of 12% during the period. The firm said the increase in revenue was lifted by its US operations, which achieved organic sales growth of 12% during the period.
Overall sales at BAE's Land & Armaments business, which includes everything from tanks to munitions, rose 43%.Overall sales at BAE's Land & Armaments business, which includes everything from tanks to munitions, rose 43%.
Corruption scandalCorruption scandal
BAE is facing accusations of illegal payments to secure military orders from Saudi Arabia, although the company denies any wrongdoing.BAE is facing accusations of illegal payments to secure military orders from Saudi Arabia, although the company denies any wrongdoing.
While an investigation by the UK's Serious Fraud Office was halted in March after the government said it would harm national security, the US Department of Justice is moving ahead with its own inquiry.While an investigation by the UK's Serious Fraud Office was halted in March after the government said it would harm national security, the US Department of Justice is moving ahead with its own inquiry.
Last month, BAE greatly expanded its US operations through the £2.2bn takeover of US military manufacturer Armor Holdings.Last month, BAE greatly expanded its US operations through the £2.2bn takeover of US military manufacturer Armor Holdings.
Armor is a leading manufacturer of mine-resistant armoured vehicles, which the Pentagon recently said it would buy thousands more of to send to Iraq.Armor is a leading manufacturer of mine-resistant armoured vehicles, which the Pentagon recently said it would buy thousands more of to send to Iraq.