BAE locked on target

5th May 2010 07:32

Defence giant BAE Systems has continued to trade in line with expectations since February's final results and predicts growth for three of its four operating groups.There's been a steady flow of orders through the period and return on sales at the Land & Armaments business "will" improve as rationalisation and efficiency programmes progress, it said."In aggregate, and despite a planned lower level of land vehicle activity, the group continues to expect growth for 2010 based on constant exchange rate assumptions," the firm added.The final dividend was raised by 10% following a forecast-beating 21% rise in full-year sales to £22.4bn. Earnings before interest and tax had climbed to £2.2bn from £1.9bn in 2008.Back in February, BAE flagged the return of up to £500m to shareholders by way of on-market purchases of shares. So far, 72 million shares have been repurchased at a cost of £268m.Results for the half year ending 30 June will be published on 29 July.