BAE 'working with UK govt' to deliver Saudi contracts
By Frank Prenesti
Date: Thursday 09 May 2019
(Sharecast News) - Defence contractor BAE Systems maintained full year guidance but sounded a note of caution on "geopolitical uncertainties" as it continued to deal with a German ban on arms exports to key customer Saudi Arabia.
Germany in March said it was extending the ban, imposed after the murder of Saudi journalist Jamal Kashoggi, for another six months.
The country is part of the Eurofighter Typhoon consortium which sells the fighter aircraft to the Saudis.
"Following the recent updates from the German Government regarding export licences, we are working closely with industry partners and the UK government to continue to fulfil our contractual support arrangements in Saudi Arabia on the key European collaboration programmes," BAE said.
BAE said earnings and net debt guidance was unchanged as the year started in line with expectations. Operating cash flow was expected to be significantly weighted toward the second half.
In the UK, BAE's major programs remained on track as it focused on long-term contracted positions in air and maritime.
On US operations, US the company said it was making gradual improvements to the production process for the Paladin M109A7 artillery system and the rest of its combat-vehicle programs remain on schedule.
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