BAE eyes upturn in US
HOPES for an upturn in US military spending after years of cuts have put BAE Systems on the front foot.
BAE systems benefits from long-term air and naval contracts in the UK
The defence giant posted an 11 per cent drop in annual pre-tax earnings to £1.7billion on 8.5 per cent lower sales of £16.6billion. But chief executive Ian King said US budgets were "relatively stable, with some indications of a modest improvement in 2016".
He said BAE benefits from long-term air and naval contracts in the UK despite the squeeze on public spending.
Shares rose 3½p to 525½p.