LONDON May 10 BAE Systems, the world's
third-largest defence contractor, has started its new financial
year well, with trading consistent with expectations, it said on
The firm said its outlook remains unchanged with 2017
underlying earnings per share expected to be approximately 5
percent to 10 percent higher than the 40.3 pence made in 2016.
"Our strategy is well defined, we have a large order
backlog, long-term programme positions and a well balanced
portfolio," said Chief Executive Ian King.
"With an improving outlook for defence budgets in a number
of our markets, in 2017 and beyond we are well placed to
continue to generate attractive returns for shareholders."
The update was released ahead of BAE's annual shareholder
King will retire from the group at the end of June. He will
be succeeded as CEO by Charles Woodburn, the current chief
(Reporting by James Davey; editing by Kate Holton)