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Sunday, February 15, 2015

BAE faces hit from currency swings

400th Eurofighter TyphoonBAE Systems is tipped to unveil a 10pc fall in annual earnings this week after a big hit from currency swings in its overseas markets.

The FTSE-100 defence giant posts full-year results on Thursday and the City is expecting underlying earnings of about £1.7bn, following a recent surge in the strength of the pound.

BAE is also expected to post a drop in sales for 2014, falling more than £1bn to just under £17bn. The previous year’s earnings were boosted after it finally agreed a price increase on a deal it secured in 2005 to sell 72 Typhoon jet fighters to Saudi Arabia.

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