BAE SYSTEMS PLC AGM Statement (5773N)
10 May 2018 - 4:00PM
UK Regulatory
TIDMBA.
RNS Number : 5773N
BAE SYSTEMS PLC
10 May 2018
BAE Systems plc - 2018 Annual General Meeting
10 May 2018
BAE Systems plc will hold its Annual General Meeting today at
11.00 a.m. in Farnborough, Hampshire, UK. At the meeting, Chairman,
Sir Roger Carr, and Chief Executive, Charles Woodburn, will comment
on the performance of the Group in 2017, as detailed in the results
announcement published on 22 February 2018, and outline the
continued progress in the Group in the year to date.
Charles Woodburn, Chief Executive, will say: "We have a large
order backlog and strong franchises with good prospects to further
these positions in the coming months. The new organisation
structure is now established to drive our strategic priorities to
deliver both in year targets and to provide a solid foundation for
medium term growth."
The Group's outlook remains unchanged with 2018 underlying
earnings per share expected to be in line with 2017.*
The results of voting at the Annual General Meeting will be
announced later today.
* Compared with the Group's actual performance for 2017 as
re-presented to reflect the impact of the adoption of IFRS 15 from
43.5p to 42.1p and assuming an average US$1.40 to sterling
translation rate in 2018.
Key points in 2018 to date
In the UK, where our business is centred around our long-term
contracted positions in Air and Maritime, Defence and Security
remains a priority for the UK government and the Group expects this
to be re-affirmed in the Modernising Defence Programme. The Group's
contracted positions in Maritime are being furthered by additional
awards on the UK submarine programmes.
In the US, the fiscal year 2018 budget and the President's
proposal for 2019 maintain the positive momentum in funding for
military readiness and modernisation. The Group's US portfolio
remains well aligned with customer priorities and growth areas,
providing greater near-term certainty and support to our medium
term planning assumptions. Production is ramping up on a number of
long-term programmes in Electronic Systems, combat vehicles and
weapons systems and ship repair volumes are on plan to exceed
2017.
In March, the UK Government signed a Memorandum of Intent with
the Kingdom of Saudi Arabia to aim to finalise discussions for the
purchase of 48 Typhoon aircraft. Negotiations relating to the
principal terms of the agreement are progressing.
In June, we expect the final down-selection decision on US
Amphibious Combat Vehicle to be announced. We are one of two
competitors for this programme.
Discussions to finalise the financing conditions within the
contract signed with Qatar on 10 December 2017 are progressing.
In Australia we have secured the 10 year Jindalee Operational
Radar Network upgrade programme contract; were not down selected
for Land 400 Phase 2 Combat Reconnaissance Vehicle programme; and
expect a decision by half year on the preferred tenderer for the
Commonwealth's nine-ship SEA 5000 Future Frigate programme.
Investor event
The Group will hold an Investor event in the US on the 14(th)
and 15(th) May focused on its US Electronic Systems business.
Half-year results
BAE Systems will announce its financial results for the half
year ending 30 June 2018 on 1 August 2018.
The Board and directors
Revathi Advaithi was appointed to the Board as a non-executive
director on 1 January 2018.
Cautionary statement
All statements other than statements of historical fact included
in this statement are forward-looking statements. Such
forward-looking statements, which reflect management's assumptions
made on the basis of information available to it at this time,
involve known and unknown risks, uncertainties and other important
factors which could cause the actual results, performance or
achievements of BAE Systems or the markets and economies in which
BAE Systems operates to be materially different from future
results, performance or achievements expressed or implied by such
forward-looking statements. BAE Systems plc and its directors
accept no liability to third parties in respect of this statement,
save as would arise under English law. Accordingly, any liability
to a person who has demonstrated reliance on any untrue or
misleading statement or omission shall be determined in accordance
with section 90A of the Financial Services and Markets Act
2000.
Issued by:
BAE Systems plc
London
This information is provided by RNS
The company news service from the London Stock Exchange
END
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