BAE Systems share price: CEO says updates on partners plan for Tempest project

Aim is to bring international partners next year

BAE Systems share price: CEO says updates on partners plan for Tempest project

The chief executive of BAE Systems (LON:BA) has said that the aim was to bring in international partners to help develop the UK’s new fighter jet by the end of next year, Reuters has reported. The comments came after the defence contractor showed off a model of the new warplane, Tempest.

BAE Systems’ share price has inched marginally higher in today’s session, having added 0.15 percent to 673.60p as of 14:43 BST. The advance is largely in line with gains in the broader UK market, with the benchmark FTSE 100 index currently standing 0.12 percent higher at 7,609.84 points, reversing an earlier decline.

International partners plan

Reuters reported today that BAE Systems’ chief executive Charles Woodburn had said that the aim was to bring in international partners to help develop Britain’s new fighter jet by the end of 2019. The group showed off a model of the new warplane, Tempest, yesterday, linking up with a group of industrial partners to fulfil a government plan for the new combat jet which the company has said it would need international partners to develop.

When asked about the possibility of the UK project joining up with a rival Franco-German plan to build a new fighter jet, he said he believed the UK government was ‘open-minded’ about who those international partners could be.

The comments came after Woodburn said yesterday that the outlook for export orders of the Typhoon fighter jet is as good as it has been for quite some time.

Analyst ratings update

Jefferies reaffirmed its ‘hold’ rating on BAE Systems yesterday, with a price target of 615p on the shares. According to MarketBeat, the blue-chip group currently has a consensus ‘hold’ rating and an average price target of 646.82p.

The British defence contractor is scheduled to update investors on its half-year performance on August 1.

As of 15:06 BST, Tuesday, 17 July, BAE Systems plc share price is 674.20p.

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