BAE systems published strong FY22 results with sales up 9%, EBIT up 12% and EPS up 16% yoy, all above market consensus. Order intake, which was mainly based on programmes announced prior to the outbreak of the Russia-Ukraine war, stood at a record level of £37bn, up by 70%. FCF stood at £1.95bn, outperforming the consensus by £700m, of which £500m was due to payment timing but the rest mainly due to better cash management.
