9th May 2019 08:18
LONDON (Alliance News) - Defence engineer BAE Systems PLC said at its annual general meeting Thursday that it was well-positioned for growth with a record order book and in-line start to the new financial year.
"With a record defence order backlog and long-term programme positions, the business is well positioned for growth," BAE Chief Executive Officer Charles Woodburn said. "Our priority is to deliver consistent and strong operational performance for our customers and shareholders. The start to the year has been in line with expectations with improvements being made on a number of fronts."
In the UK, BAE was focused on delivering the next phase of the Tempest combat air programme. Meanwhile, F-35 production ramp up is progressing "well". Its maritime programme is also making progress.
In the US, the defence budget proposal by US President Donald Trump maintains the "momentum in funding for military readiness and modernisation and support for key BAE Systems programmes".
After German government export licenses updates, the firm is working with its industry partners and UK government in order to fulfil its contractual arrangement in Saudi Arabia on the "key European collaboration programmes". Meanwhile, the Qatar Typhoon and Hawk air contract is progressing well, BAE said.
BAE explained that despite "geopolitical uncertainties" it is holding firm to its previous full year guidance. In February, the FTSE 100-listed firm said it expected underlying earnings per share to grow "mid-single digits" from the 42.9 pence reported the year prior.
Shares in BAE were 0.6% lower at 467.20 pence on Thursday. BAE expects to deliver its interim results for the six months ended June on July 31.
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