Britain's biggest defence company BAE Systems upgraded its guidance for 2023, forecasting annual earnings growth of 10%-12%, as governments spend more on military equipment in 'an increasingly uncertain world'.
Shares up 5%
BAE Systems said its good operational performance plus the demand from its customers, the biggest of which are the United States, Britain, Saudi Arabia and Australia, meant its full-year results would be better than expected across the board.Since Russia invaded Ukraine last year, demand for weapons, ammunition and equipment has soared as western allies support Ukraine and shore up their own stocks, while in the Asia-Pacific region, growing threats are also driving defence spending.
"Our global footprint, deep customer relationships and leading technologies enable us to effectively support the national security requirements and multi-domain ambitions of our government customers," BAE Chief Executive Charles Woodburn said in a statement on Wednesday. "With some of its biggest buyers, the UK, US and Europe, all expected to continue raising defence budgets over the coming years, the sky really is the limit," said Hargreaves Lansdown Analyst Aarin Chiekrie.
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