Saab appears to have reached an inflection point. Sales have been relatively static since 2008, but a progressively increasing order backlog now seems likely to start translating into genuine growth. The backlog itself is at record levels following the recent finalisation of the Gripen contract for Brazil, with further large contract potential in the pipeline. As with all defence primes the key to success is execution of the backlog, but management continues to work on both processes and cost, with a view to delivering improved shareholder returns.