Business Services Industry
BAE Systems CEO Discusses Past Delays, Cost Overruns.
Knight Ridder/Tribune Business News, February, 2004
By Brett Arends, Daily Mail, London Knight Ridder/Tribune Business News
Feb. 27--Defence giant BAE Systems continues to shake off the disastrous period of delays and cost overruns that overwhelmed it nearly two years ago.
Chief executive Mike Turner welcomed the government's decision to pay up to 15 percent of extra costs on big projects, but complained that the group still encounters resistance from Whitehall.
BAE swung from UKpound 616 million losses to UKpound 233 million pretax profits last year. Operating cash flow rose 500 percent to UKpound 836 million. It was helped by strong US sales and a pick-up at 20 percent-owned Airbus. Higher oil prices boosted its support business. The order book rose 8 percent to UKpound 46 billion....
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