7th May 2014 10:20
LONDON (Alliance News) - Defence, security and aerospace company BAE Systems PLC Wednesday said that, excluding the impact of foreign exchange rates, it has traded in line with expectations so far in 2014, while its UK business continues to benefit from long-term stable contracts in the maritime and military air sectors.
In an interim management statement for the period January 1 to May 6, the company said agreements in the US over the defence budget, while not yet finally agreed in detail, indicates spending reductions much as anticipated and "points to a more predictable outlook than we have seen in recent years".
Earlier this year the firm received a boost after the announcement that the governments of the UK and Saudi Arabia had finally reached a deal on higher prices for the Typhoon jets that Saudi Arabia ordered back in 2005.
"Our robust year-end order backlog of GBP42.7 billion, which benefited from the GBP9.3 billion of international business won last year, provides good visibility and performance in our international activities continues in line with plan," Chief Executive Ian King said in a statement.
"We continue to focus on programme execution and on enhancing efficiency and affordability to ensure the Group is best positioned for the future," he added.
The stock was trading at 400.00, up 2.60 pence or 0.7%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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