AEROSPACE giant BAE has unveiled improved operating profits after a successful year for Typhoon production and Tempest development.

Bosses at the air conglomerate, which employs more than 11,000 people at Samlesbury and Warton, have announced an eight per cent profits hike to £2,573m, on the back of near £23.1m revenues.

Share earnings have leapt by 20 per cent - from 51.1p to 61.3p year-on-year, with a £921m net cashflow uplift as as result.

Air sector developments recently have included securing £800m in extra funds from the Ministry of Defence to advance the next-generation Tempest fighter concept, as part of an £11bn order book.

And support for the Typhoon has continued apace, as well as the company being awarded £535m to deliver the European Common Radar System (ECRS) Mk2 radar for the RAF’s fleet.

This year has also seen the FalconWorks initiative launched at Warton, backing research and technology ambitions, as well as progressing the Tempest combat air flying demonstrator.

Charles Woodburn, BAE Systems chief executive, said: "We’ve delivered a strong operational and financial performance in 2023 and I’m extremely proud of the way our people have delivered cutting-edge equipment and services to our customers, working together with partners across our supply chain.

“Our performance, combined with our global footprint and record order intake, means we’re well-positioned for sustained growth in the coming years.

"We’ll keep driving the business forward, investing in new technologies, facilities and our people.

"This will help us deliver on our order backlog and help ensure our government customers stay ahead in an uncertain world, whilst delivering increased value to our shareholders and the communities where we operate.”

Another development has seen Phasa 35 - the solar-powered uncrewed craft - complete its first stratospheric flight.

Recruitment has been another factor, with, 1,500 professionals hired and more than 600 graduates and apprentices taken on - with a pledge to hire thousands more in 2024.