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    BA.   GB0002634946

BAE SYSTEMS PLC

(BA.)
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Delayed Quote. Delayed London Stock Exchange - 10/28 11:36:37 am
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BAE : welcomes GBP85m future submarine programme contract

09/20/2021 | 11:28am EDT

The Ministry of Defence (MOD) has awarded BAE Systems a GBP85m contract to support early design and concept work on the Royal Navy's next generation of submarines.

The contract will enable the Company's Submarines business to progress the early stages of a programme to deliver a replacement for the Astute class, helping to sustain the UK's future underwater military capability and support 250 highly-skilled jobs in Barrow-in-Furness, Cumbria.

Ben Wallace, the Secretary of State for Defence, said: 'Marking the start of a new journey in submarine development, British designers and engineers will lead the way in building submarines for our Royal Navy.

'This multi-million pound investment ensures that this vital capability will be ready to replace our Astute class submarines as they come out of service, whilst supporting high-skilled jobs across the Midlands and North West of England.'

Ian Booth, Submarine Delivery Agency CEO, said: 'Although it is too early to determine what the capability solution will be, designing and building submarines is one of the most complex and challenging feats of engineering that the maritime industry undertakes. Such work relies on some of the nation's most experienced defence nuclear experts from the very beginning of the design phase.'

Steve Timms, Managing Director of BAE Systems' Submarines business, said: 'We're very proud of our role in the delivery of the nation's submarine fleet and this contract further builds on our rich heritage.

'In what is the 150th anniversary year of our Barrow shipyard, we now have the opportunity to further strengthen our partnership with the Royal Navy long in to the future.

'We're looking forward to working with our partners and helping to deliver another strategically important and critical national defence programme.'

The contract has been awarded following approval of a three-year Programme, Definition and Design phase for a capability solution for the MOD's Maritime Underwater Future Capability (MUFC) programme.

BAE Systems will work alongside the SDA, Rolls-Royce, Babcock and partners on a new class of nuclear powered attack submarines for the UK Royal Navy to replace the Astute class - currently referred to as SSN-Replacement (SSNR).

Four of the seven Astute submarines have already been delivered to the Royal Navy, while the remaining three are at an advanced stage of construction at BAE Systems' site in Barrow. BAE Systems is also a member of the Dreadnought Alliance and, working alongside the SDA and Rolls-Royce, is leading the design and build of a replacement for the Vanguard class. Build of the first two of the four new Dreadnought class submarines is well underway in Barrow.

Ref: 111/2021

(C) 2021 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2021 21 489 M 29 624 M 29 624 M
Net income 2021 1 432 M 1 974 M 1 974 M
Net Debt 2021 2 474 M 3 411 M 3 411 M
P/E ratio 2021 12,9x
Yield 2021 4,42%
Capitalization 17 688 M 24 422 M 24 385 M
EV / Sales 2021 0,94x
EV / Sales 2022 0,88x
Nbr of Employees 90 000
Free-Float 92,5%
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Number of Analysts 19
Last Close Price 5,55 GBX
Average target price 631,99 GBX
Spread / Average Target 11 279%
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Charles Nicolas Woodburn Group Chief Executive Officer & Director
Brad Greve Group Finance Director & Director
Roger M. Carr Chairman
Steve Nicholas Millward Chief Information Officer
Benjamin Hudson Chief Technology Officer
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