Annual General Meeting and Market Update.
BAE Systems plc will hold its Annual General Meeting today at 11.30 a.m. in Farnborough, Hampshire, UK. At the meeting, Chairman, Sir Roger Carr, and Chief Executive, Charles Woodburn, will comment on the performance of the Group in 2022, as detailed in the results announcement published on 23 February 2023.
The results of voting at the Annual General Meeting will be announced later today.
Additionally, BAE Systems plc provides the following update on trading.
Charles Woodburn, BAE Systems Chief Executive, said:
"Trading so far this year has been in line with expectations with continued good operational performance.
"Order flow on new programmes, renewals and progress on our opportunity pipeline remains strong. In particular, the AUKUS announcement in March is significant for the company in the medium and long-term and we look forward to supporting our customers in this far reaching programme.
"In the current elevated global threat environment, we're continuing to deliver on mission critical requirements to our customers, and our global presence and diverse portfolio of products and services provide a high visibility for top line growth, margin expansion and cash generation in the coming years."
Guidance
The Group's full year 2023 guidance is unchanged from the Preliminary announcement on 23 February 2023.
· Sales +3 to +5% (2022: £23,256m)
· Underlying EBIT +4 to +6% (2022: £2,479m)
· Underlying EPS +5 to +7% (2022: 55.5p)
· 2023 Free Cash Flow (FCF) >£1.2bn
· Cumulative FCF 2023-2025 £4bn - £5bn
· Guidance is provided on the basis of an exchange rate of $1.24:£1 for the year
· Sensitivity to EPS is around 1 pence for every 5 cent movement
Operational update
Overall programme execution has been good across all sectors in the year to date. Notable milestones achieved include:
· Steel cut on the fourth Type 26 - HMS Birmingham
· Construction commenced on the third Dreadnought class submarine
· Two further Typhoons delivered to Qatar
· Good levels of combat vehicle deliveries
https://www.investegate.co.uk/announcement/7511937Ian (I hold)