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BAE Systems ‘delivering another year of good sales’

bae systems new tanks

BAE Systems says it is trading in line with expectations after a strong third quarter.

The group has a joint venture at Hadley Castle Works in Telford, known as Rheinmetall BAE Systems Land, which specialises in land combat vehicles.

In a trading update, the defence and aerospace giant said it has maintained a strong order intake with around £10bn booked since half-year.

In its guidance, BAE said it expects sales growth to be up 5% to 7% from £23.26 billion last year.

It anticipates earnings before tax and interest to be up by 6% to 8% on its £2,479bn last year.

Charles Woodburn, BAE Systems Chief Executive, said: “Trading has been in line with the upgraded guidance we issued at the time of our 2023 half-year results.

“We are delivering another year of good sales and earnings growth, together with strong cash flow generation.

“Order flow on new and existing programmes, renewals on incumbent positions and progress with our opportunity pipeline remains strong.

“These underpin our confidence and visibility for good top line growth in the coming years, and we continue to reinforce our value compounding model with a sharp focus on operational performance and disciplined capital allocation.”

The group will announce its preliminary results for the year ending December 31, 2023 in February 21.

Source: Shropshire Star



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