Revenues and order backlogs at defence specialist BAE Systems hit record highs in this morning’s filings of full year results. With governments globally increasing their spending on the military, sales added 10% whilst EPS rose by 12% and this momentum is expected to continue in the medium term. A 10% increase in the final dividend has been proposed, whilst the company will have returned more than £1.5bn to shareholders during FY25. The BAE share price was up more than 6% in early trade.
It was a mixed set of results for commodities giant Glencore after gains for the company’s copper division were offset by weakness in the coal market. However revenues added 7% and EBIT fell by less than had been expected in today’s full year results. Net debt was also lower and the promise of $2bn in capital returns for FY26 also helped. The Glencore share price was up more than 3% shortly after the open.
A half year trading update was released by Seeing Machines, the transport safety technology company this morning. Whilst production volumes were materially higher against the comparative, income has slipped and the company’s cash balance is starting to look a bit stretched. Management appear confident that this position will start to unwind and that was already helped by receipt of an accelerated payment from a partner after the reporting period ended. The Seeing Machines share price was however down 27% approaching 9am.
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