The defence company's sales were up 2.8 per cent from the previous year's first half to hit £10.6bn, while its revenue climbed 4.3 per cent to £9.7bn in the first half of 2022.
Hogg is currently chair of the board of
"I very much look forward to working with [CEO] Charles and the other board members through the next phase of the company's development," Hogg said. "
The company works closely with
Programme (SBDCP) agreement which has been renewed for an additional five years.
About a tenth of BAE's sales and revenue were from its dealing with
The majority of its sales and revenue came from its work with the US, at over £4.6bn, and over £2.6bn with the
The firm was granted a new nuclear submarine contract and an 18-year contract to continue supporting US intercontinental ballistic missiles.
The company mentioned
"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," chief executive
The company's performance for the year led to directors announcing an interim dividend of 10.4p per share, payable on
The firm will also kick off a new share buyback programme of up to £1.5bn over the next three years.
(c) 2022 City A.M., source