The ‘elevated global threat environment’ is boosting defence giant BAE Systems, its boss says.
Chief executive Charles Woodburn said trading was strong as the war in Ukraine continues.
Demand for weapons, ammunition and equipment has soared as Britain, the US and other allies support Ukraine following the invasion by Russia and look to shore up their own stocks.
Fortunes of war: BAE expects sales for the year to grow up to 5% from last year’s £23bn, with profits forecast to jump by up to 6%
Mounting fears over Chinese aggression in the Asia-Pacific region is also driving higher spending in the West.
Woodburn also said the Aukus deal between the US, Britain and Australia to provide Australia with nuclear-powered submarines would be ‘significant’.
BAE expects sales for the year to grow up to 5 per cent from last year’s £23billion, with profits forecast to jump by up to 6 per cent.
The update came as BAE held its annual meeting with shareholders in Farnborough, Hampshire.
Chairman Sir Roger Carr has stepped down to be succeeded Cressida Hogg. Shares, up more than 80 per cent since the start of 2022, fell 2.6 per cent, or 26.3p, to 993.2p.
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