Results in brief, highlights and outlook

£18,543m+18% Sales1

37.1p+23% Underlying earnings3 per share

Results in brief

Highlights

• Strong financial performance
• Further progress in delivery of strategy
• Accelerated development of security business
• Exceptional year for Land & Armaments

Outlook

A feature of our business is the good visibility provided by our strong order book.

A further year of good growth is anticipated in 2009, despite a lower level of land vehicle sales than in 2008.

In addition, the Group’s trading results would be expected to benefit from a continued weakness of sterling against the US dollar.

1 Including share of equity accounted investments.
2 Earnings before amortisation and impairment of intangible assets, finance costs and taxation expense (EBITA) excluding profit/(loss) on disposal of businesses and uplift on acquired inventories. Restated to exclude profit/(loss) on disposal of businesses (see Financial review).
3 Earnings excluding amortisation and impairment of intangible assets, non-cash finance movements on pensions and financial derivatives, profit/(loss) on disposal of businesses and uplift on acquired inventories (see note 10 to the Group accounts). Restated to exclude profit/(loss) on disposal of businesses (see Financial review).
4 Basic earnings per share in accordance with International Accounting Standard 33.
5 Including share of equity accounted investments’ order books and after the elimination of intra-group orders of £1.4bn (2007 £1.4bn).
6 See the Financial review and note 29 to the Group accounts.