BAE Systems (www.baesystems.com) achieved an order intake of £20.3 billion in 2017, while its order backlog was unchanged at £41.2 billion (on a constant currency basis).

Sales increased by £0.6 billion to £19.6 billion, underlying EBITA increased to £2,034 million (a 4% increase on a constant currency basis), underlying earnings per share increased by 8% to 43.5p, and operating business cash flow increased by £748 million to £1,752 million.

Chief executive Charles Woodburn said: “We delivered a good performance in 2017, consistent with our expectations for the year.

“We start 2018 with a streamlined organisation and a strong focus on programme execution, technology and enhanced competitiveness, providing a solid foundation for medium-term growth.

“With an improving outlook for defence budgets in a number of our markets, we are well placed to generate good returns for shareholders.”