Aerospace and defence group BAE Systems, which has slashed hundreds of jobs since September 11, today said it hoped to start growing again in 2003.
BAE has suffered following the terror attacks in the United States as demand from the commercial aviation industry fell away.
The group cut 1,700 jobs when it pulled the plug on its regional jets business last autumn and today reported a sharp drop in bottom-line profits, from £179 million in 2000 to £70 million, after a number of restructuring charges.
However, sales improved after a stronger showing in its defence business, from £12.19 billion to £13.14 billion, while operating profits were up from £189 million to £423 million.
BAE said it did not expect to see growth this year, commenting: "A number of challenges, most notably the events of September 11, have resulted in a sharp deterioration in the commercial aircraft market."
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