BAE Systems

Ticker BA.

Today's data summary

Market open
% change
-0.63%
Price Pence
455.20
Change
-2.90
As of 14:35 13 Dec 2018
Market cap. Pound sterling
14,545.66 million
As of 14:35 13 Dec 2018

Latest updates

Words to inspire Barrow shipyard's next generation

The power that will drive both the Dreadnought class nuclear submarines and the weapons they carry was described by the scientist Albert Einstein.

His words are also written on the walls of the new shipyard training centre in Barrow to inspire the students who will put his theory into practice.

Einstein quote on wall of centre "the important thing is not to stop questioning"
BBC

Defence minister opens £25m shipyard training centre

A new £25m training facility for for the engineers who will build Britain's next generation of nuclear submarines has been opened in Barrow by the Defence Secretary, Gavin Williamson

The Academy for Skills and Knowledge at BAE Systems will train 800 apprentices who will work on the new Dreadnought boats that will carry the UK's nuclear deterrent..

New training centre
BAE Systems

Mr Wliiamson also said the second ship in the Dreadnought class would be called Valiant, and he said the ministry would provide £400m to support the manufacturing of the four vessels in the class, on top of the £960m announced for the main contracts last year.

An MoD spokesman said the Dreadnought programme remained on track and within budget, and this was the next slice of funding.

Businesses 'positive' during call with Chancellor

Today Programme

BBC Radio 4

Sir Roger Carr
AFP

Sir Roger Carr, chairman of BAE Systems and a senior adviser to private equity giant KKR, was on a conference call last night between several ministers - including Chancellor Philip Hammond - and business leaders, to discuss the draft Brexit withdrawal agreement.

"They were trying to be very clear that this had been a long hard process of persistence and resilience, but it had reached a conclusion that would be much, much better than the chaos of a no decision," Sir Roger tells the Today programme.

"It's something had the key elements of what people were looking for, particularly in the sense of a pathway to friction-less trade, control of our borders and preservation of the UK.

"In those circumstances, they were recommending that business leaders support it, and I have to say the response on the call was a positive one."

Sir Roger, who is chairman of one of Theresa May's business committees, added that most business people are pragmatists, who would rather play the cards they had been dealt and then "get back to making the country competitive".

"We'd rather see this over the line, so we can get back to focusing on what's most important," he said.

First Barrow-built guns handed to Indian Army

The first few of a huge order for howitzers produced by BAE Systems in Barrow have been formally accepted by the Indian Army

Artist's impression of gun
BAE Systems

The first 25 of the 145 specially-adapted M777s (artist's impression pictured) that the Indians will eventually take are being delivered complete, with the remaining artillery pieces to be assembled in India.

When the order is complete, more than 1,250 will be in services with armies including the United States and Australia.

The guns, which saw extensive service in Afghanistan, were initially developed for the US Marines and Army and can throw a 155mm shell up to 18 miles, landing within 10m of the target.

Shipyard responds to car park critics

The Barrow shipyard has responded to Borough councillors who criticised it for not building employee car parks faster, when planning applications for them were submitted.

The company says it's working closely with Barrow Borough Council and also Cumbria County Council, on contingency plans to mitigate the loss of car parking spaces once work begins on the site of the former HIP building, due to start early next year.

The work to expand the capacity of the HIP car park will not commence until the temporary arrangements at Waterside (Dova Way) are in place. Our agreement to lease an area of land on Waterside Business Park will provide 750 car parking spaces. Not only will this cover the 450 spaces on the HIP site, it will also provide an additional 300 spaces for employees."

BAE Systems spokesman

Barrow shipyard bosses told to "pull their fingers out" and create staff car parks faster

Local Democracy Reporting Service

The company running the Barrow shipyard has been criticised by the town's councillors for not building employee car parks quickly enough.

The Borough's planning committee deferred a decision on whether to allow a temporary 746-space car park at Dova Way on Barrow Island, so council staff can hold more talks with BAE systems.

The Labour Cllr Brendan Sweeney said: "They've basically got to pull their fingers out and get these car parks done." He said the Dova Way site - prime employment land on the Waterfront development and reclaimed using taxpayers' money - should be luring new firms to Barrow, not housing hundreds of cars.

This land should be in use now by the firms doing the work in the shipyard. What we're getting is application after application for car parks to accommodate people to come from elsewhere in the country to take money back out down the A590."

Brendan SweeneyLabour, Parkside

Landowners Cumbria County Council have agreed to lease Dova Way to the company as a temporary car park for three years, but Barrow Council have blocked that, saying 18 months should be more than enough.

Planning Committee chairwoman Ann Thomson said the company had submitted several applications for staff car parks but was not getting on with them quickly enough. She said: "It's no good putting in applications and then never building them. It doesn't help the residents of Barrow Island at all."

Why BAE can't afford to offend Saudi Arabia

Simon Jack

BBC Business Editor

There is one UK company that will definitely not be pulling out of next week's business conclave in Saudi Arabia's capital - and that is BAE Systems.

The Kingdom bought one-sixth of everything the UK defence contractor sold last year and BAE employs 6,000 people on the ground there.

While the rock stars of the business world shun the spotlight on Riyadh after the disappearance of Jamal Khashoggi at the Saudi embassy at Istanbul, BAE officials will, I'm told, make the trip.

The UK wants to have a national aerospace contractor like BAE - both for national security reasons and for the nearly 40,00 high-skilled, high-paying UK jobs it creates.

But a company that size cannot live by the bread the UK government gives it alone.

To keep a British flag flying in the world of defence contracting, you need other customers. Over that same 30-year period, Saudi Arabia has been one of the UK and BAE's most loyal - and most controversial - customers.

Read Simon's full blog.

Market movers: Superdry; Micro Focus; BAE

Let's take a look at shares in London.

Superdry is the second biggest loser on the FTSE 250.

Shares are down 20% after it issued a profit warning.

The FTSE 250 is off 0.58% at 18,863.34.

Micro Focus, the software developer which will publish a trading update on Thursday, is leading the FTSE 100 risers, up 2.2% at £13.92.

Defence giant BAE Systems is the biggest faller, down 1.8% at 573.2p.

The FTSE 100 is up 0.27% at 7,015.02.