DEFENCE BOOM BOOSTS BAE

Weapons manufacturer BAE Systems says it is on track to beat its full-year forecasts thanks to higher defence spending and the stronger US dollar.

Due to sterling’s devaluation against the dollar, BAE said that it now expects its full-year sales growth to be 7-9% higher, versus 2-4% previously. BAE has also benefited from governments boosting military budgets in response to Russia’s illegal invasion of Ukraine. It said it had secured £28billion in orders in the year to date, including a £4.2bn contract from the Ministry of Defence to build five Type-26 frigates.

Chief executive Charles Woodburn said: “We see sales growth coming from all sectors.”