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Friday, May 04, 2012

BAE Systems says profit growth hinges on Saudi Arabia deal‎

[Eurofighter Typhoon]Defence group BAE Systems said its chances of delivering profit growth in 2012 hinged on talks to finalise a fighter jet deal with Saudi Arabia, in a year marked by tight government defence budgets.

"Whilst little sales growth can be expected for the group in 2012 in the current market conditions, modest growth in underlying earnings per share is anticipated, assuming a satisfactory conclusion to Salam negotiations (with Saudi Arabia) in 2012," BAE, Europe's biggest defence contractor, said today (Wednesday).

In 2007 Saudi Arabia signed a contract with BAE to buy 72 Typhoon aircraft, 24 of which have been delivered to the Royal Saudi Air Force. The Salam deal, as it is known, is worth around £4.5 billion.

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