15th Nov 2022 10:12
(Alliance News) - BAE Systems PLC on Tuesday confirmed its 2022 guidance, amid strong order intake, with revenue also benefiting from a stronger dollar.
BAE is a London-based defence, aerospace and security products maker.
Sales for the full year are expected to grow by between 2% and 4% from GBP21.31 billion in 2021. This follows a "strong" order intake, having secured GBP10 million in the second half to date.
Over 30% of BAE's three-year share buyback of GBP1.5 billion has been completed, with GBP484 million having been completed to date.
BAE said it is eyeing another year of top-line growth as well as margin expansion in 2023, with growth coming from all sectors.
The countries in which it operates have either announced or are making plans to increase military spending "to address the elevated threat environment".
This year, BAE said it is on track to increase self-funded research and development and is investing in new facilities to support its Navigation & Sensor Systems business. The company will also "significantly" increase its UK apprentice intake in Air & Maritime.
Chief Executive Charles Woodburn said: "Our operational performance year to date underlines our confidence in the full year group guidance for top line growth and margin expansion as well as our cash flow targets. Order flow remains strong and our focus on programme execution, cash generation and efficiencies is helping us to navigate the challenging operating environment."
BAE shares were up 2.8% to 746.60 pence on Tuesday morning in London.
By Jaskeet Briah; [email protected]
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