BAE SYSTEMS said it was making good progress in a statement released at yesterday’s annual general meeting, despite facing significant currency headwinds this year.
The company said it expects earnings per share to be “marginally higher” than in 2014 with expectations of further naval and aircraft orders.
BAE, like many defence firms, has faced increased pressure in recent years as governments cut back on military spending in the wake of the financial crisis. However, the UK’s biggest weapons and equipment firm has won significant contracts so far this year, including a £112m extension to its Typhoon deal and a £285m five year contract to supply night vision goggles.
Despite this, the group’s significant exposure to the US dollar means it is prone to suffer from the recent exchange rate volatility. Last month the firm said it was looking to sell its US consultancy division.
Ian King, chief executive, said: “Our business is making good progress in 2015. We continue to win new business, meet key milestones on our major programmes and develop technologies and skills that underpin our future success.”