Dr Woodburn said that recent increases in the US defence budget would underpin further growth in both ship-building, electronic systems - in which the company is doing an increased amount of classified work for the Pentagon - and combat vehicles.
The company now has an order backlog of £43.4bn which, as Dr Woodburn said, gave BAE strong long-term visibility. . The Italian and Swedish governments have committed to work with the UK on the project and Dr Woodburn said other countries could also join. The UK government has contributed some £2bn towards the research and development required on the project on which, Dr Woodburn said, work was continuing"at pace".
Pete Lynas, the outgoing finance director, said a one-off payment of £1bn into the fund would be made"in the near future".
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