BAE unveils £1.5bn buyback as profits rise

UK defence company BAE Systems on Thursday unveiled a £1.5bn share buyback and higher interim profits.

Underlying earnings before interest and taxes for the six months to June 30 rose 8.2% to £1.11bn. On a pre-tax basis profits fell to £779m from £1.15bn a year earlier.

"We see further opportunities to enhance the medium- and long‑term outlook as our customers commit to increased defence spending to address the elevated threat environment," said chief executive Charles Woodburn.

The company remains closely engaged with its customers to provide support for mission critical activities as the conflict in Ukraine continues, it added.

It also announced Cressida Hogg as its next chair-designate from November, succeed Roger Carr who retires next year.

Reporting by Frank Prenesti at Sharecast.com