Business IN BRIEF.DEFENCE group BAE Systems BAE Systems British manufacturer of aircraft, missiles, avionics, naval vessels, and other aerospace and defense products. BAE Systems was formed (1999) from the merger of British Aerospace (BAe) with Marconi Electronic Systems. yesterday reported a 31 per cent rise in annual earnings and said they expected a "further year of good growth" in 2009. BAE, who have benefited from an increase in military spending to support forces fighting overseas, said underlying earnings were pounds 1.9billion in 2008, up from pounds 1.45billion a year earlier. The company's order book grew by 20 per cent to pounds 46.5billion, helped by a 15-year UK munitions mu·ni·tion n. War materiel, especially weapons and ammunition. Often used in the plural. tr.v. mu·ni·tioned, mu·ni·tion·ing, mu·ni·tions To supply with munitions. contract and further orders for land vehicles from the US military, a target market for the company. FIRMS have saved more than pounds 500,000 after environmental watchdogs waived some of their fees. The Scottish Environment Protection Agency The Scottish Environment Protection Agency (SEPA) is a powerful non-departmental public body in Scotland sponsored by the Scottish Executive Environment and Rural Affairs Department. announced last November they would waive application fees for environmental permits from the private sector for the rest of the year, among other measures. Yesterday, the Scottish government said 1545 fees had been waived, saving pounds 344,000, with a further pounds 160,000 saved from sheep dip disposal licences not being charged. Waiving fees for water abstraction licences saved pounds 46,000. BOOKIES Ladbrokes yesterday reported a recession-busting performance by their UK shops and internet gaming which helped profits rise in 2008. The group, who have more than 2500 betting shops, posted profits of pounds 243.8million up 0.9 per cent on 2007. They said the new year had got off to a challenging start because of "unusually high levels" of UK and Irish horserace Horserace Derby classic annual race at Epsom Downs. [Br. Cult.: Brewer Dictionary, 276] Kentucky Derby classic annual race in Louisville. [Am. Cult. abandonments. The results were well received in the City as Ladbrokes offered no sign they were feeling the pressure from the consumer slowdown. BUILDERS' merchants Travis Perkins yesterday said they had slashed 2500 jobs in the last year as profits almost halved in an "increasingly tough trading environment". The Wickes owners - who have builders yards throughout Scotland - said the speed and scale of the fallout from the financial crisis was "greater than the expectations of commentators" and predicted a difficult year ahead for the construction sector. Profits before tax for 2008 dived 44 per cent to pounds 146.3million, with "little prospect of a return to market growth" in 2009. PAY deals in manufacturing have fallen "sharply" as the recession bites, research showed yesterday. Average settlements in the past three months fell from 2.7 per cent to 1.8 per cent, the lowest for more than a decade, said the Engineering Employers' Federation. The figures, taken from more than 300 settlements, include deals in January, the busiest month for agreements in the manufacturing sector. The EEF EEF Engineering Employers Federation (UK) EEF Egyptian Expeditionary Force EEF European Employee Forum EEF Environment Electronic Friends EEF Exponentially Embedded Family EEF Energy-Efficient Family also reported a sharp rise in the number of companies freezing or deferring pay deals. |
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