By Millie Turner
BAE Systems, one of the largest defence companies in the UK, has secured £10bn worth of orders in the second half of this year so far.
The London-listed defence firm, which builds military-grade jets, submarines and satellites, has kept its guidance in place while many businesses in the UK nudge them lower amid the economic downturn.
The invasion of Ukraine has boosted defence and security companies, with government customers looking to “elevated threat”, according to chief executive Charles Woodburn.
BAE secured £18bn in orders in the first half of the year, taking the total so far to £28bn, and has used its strong balance sheet to increase its spend in research and development.
The company secured at least four large contracts with the US military earlier this year, including a $383m contract for multiple launch rocket system support services.
The defence giant also secured £4.2bn for war ships.
Woodburn added: “Looking forward, our large order backlog, diverse portfolio position and focus on programme performance position us well for another year of top line growth and margin expansion in 2023.
“We see sales growth coming from all sectors and opportunities to further enhance the medium-term outlook as our customers address the elevated threat environment.”
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