LONDON (ShareCast) - (Sharecast News) - BAE Systems upgraded its full-year guidance on Wednesday following "another strong" performance in the first half against a market backdrop of increased defence spending.
The company now expects full-year sales growth of between 8% and 10%, up from previous guidance of 7% to 9%. Underlying earnings before interest and tax are expected to grow between 9% and 11%, up from previous guidance of growth of between 8% and 10%.

BAE said it continues to expect underlying earnings per share growth of 8% to 10%.

For the six months ended 30 June, BAE reported a 13% increase in underlying EBIT to £1.6bn, while sales rose 11% to £14.6bn, with all sectors contributing growth.

The order intake fell to £13.2bn from £15.1bn in the same period a year earlier.

Chief executive Charles Woodburn said: "Our teams have delivered another strong operational and financial performance in the first half of the year, giving us the confidence to upgrade our guidance. In this heightened global threat environment, we continue to deliver mission critical capabilities to armed forces around the world and invest in our people, technologies and facilities to drive the improved efficiency, capacity and agility needed to meet the increasing demand for our highly relevant products and services.

"The breadth and depth of our geographic and product portfolio, together with our trusted track record of delivery, strengthen our confidence in the positive momentum of our business."

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