4th May 2023 09:57
(Alliance News) - BAE Systems PLC on Thursday backed its full year guidance, expecting sales to rise.
The London-based defence contractor said it expects sales for 2023 to rise 3% to 5% from GBP23.26 billion recorded in 2022.
Underlying earnings before interest and tax is expected to increase by 4% to 6%, compared to GBP2.48 billion a year earlier.
Chief Executive Officer Charles Woodburn said: "Trading so far this year has been in line with expectations with continued good operational performance. Order flow on new programmes, renewals and progress on our opportunity pipeline remains strong."
BAE Systems will release its interim results for the half-year ending on June 30 on August 2.
In February, the company reported annual revenue of GBP21.26 billion for 2022 from GBP19.52 billion a year earlier. Pretax profit, however, fell 5.7% to GBP1.99 billion from GBP2.11 billion.
Shares were down 1.1% at 1,008.50 pence each on Thursday morning in London.
By Xindi Wei, Alliance News reporter
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