UK BAE on track with strong air and sea performance
British defense group BAE Systems (BAES.L) said on Wednesday it was on track to meet its annual targets, with air, maritime, electronic systems and intelligence and security continuing to perform.
Chief Executive Charles Woodburn said the company’s strong operating performance underscored its confidence in its forecast for revenue growth and margin expansion this year, as well as its three-year cash flow targets. years.
“From a strategic perspective, our geographically diversified portfolio is aligned with growing defense budget sectors; We are stepping up investments in self-funded R&D aligned with customer-centric areas and leveraging our advanced capabilities in changing markets to ensure we are increasingly better positioned to respond to all of our stakeholders, ” did he declare.
BAE said there is positive momentum in its Platforms and Services unit (US) and that the production of combat vehicles on multiple platforms has continued to accelerate and is on track for adhere to agreed delivery schedules.
U.S. ship repair was improving after COVID-19 and other disruptions last year, he said, and Applied Intelligence had started the year well with improved performance.
BAE expects a year of revenue growth, with expected sales growth of 5% to 7% when the impact of currency is excluded, and underlying profit increasing by more than 10% excluding currency.
Free cash flow for 2021 is expected to exceed £ 1 billion ($ 1.4 billion), with a three-year target for 2021 to 2023 exceeding £ 4 billion, he said in March.
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