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BAE sees sales drop 14pc
Thursday 16th February 2012, 10:59AM GMT.
Defence giant BAE Systems, which has a manufacturing base in Telford supporting and upgrading Army vehicles, suffered a 14 per cent fall in sales as military spending in the UK and US is cut.
The group, which is reported to be considering a move to close its Portsmouth dockyard, threatening up to 3,000 jobs, said sales fell more than expected to £19.2 billion in 2011.
Underlying profits dropped seven per cent to £2 billion.
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