City round-up: BAE Systems; Nanoco Group; Studio Retail Group

Defence giant BAE Systems said its guidance for its 2021 figures remains unchanged, in a market update today.

It said it expects a three, to five per cent improvement in sales, or five to seven per cent at constant currency rates, compared with last year’s figure of £20.862bn.

Underlying EBIT is expected to be ahead by six to eight per cent, or 10% at constant currency. In 2020 the figure stood at £2.037bn.

Underlying earnings per share is expected to be between three to five per cent better, against the 44.3p per share figure in 2020, and the group expects free cash flow of around £1bn.

The group operates factories in Warton and Salmesbury, near Preston, building military aircraft, and a submarine building facility in Barrow. It employs around 15,000 staff in Lancashire and Cumbria.

Chief executive, Charles Woodburn said today: “We’re evolving our business to be well positioned for growth over the medium term alongside a focus on longer term value drivers as we ramp up investment in advanced technologies and progress our sustainability agenda.

“Our continued good operational performance underlines our confidence in the full year guidance for top line growth and margin expansion as well as our three-year cashflow target.”

He added: “Demand for our capabilities remains high and we have a strong pipeline of opportunities across our broad geographic portfolio that will enable our skilled, global workforce to deliver capabilities which will support our customers in responding to the evolving threat environment.”

The group said its backlog and programme positions support growth over the medium term, and its pipeline of opportunities remains strong with continued demand for its capabilities.

BAE Systems will announce its financial results for the year ending December 31, 2021 on February 24, 2022.

::

Brian Tenner

Nanoco Group, the University of Manchester spin-out which develops materials used in the manufacture of monitors and TV screens, has appointed Liam Gray to its board as chief financial officer. He will continue to serve as Nanoco’s company secretary.

Liam has been serving as Nanoco’s UK finance director and company secretary since September 2020, having joined the company in March 2019, in the role of group financial controller.

Prior to joining Nanoco, Liam held a number of senior finance roles in public and private companies. He began his career with KPMG and qualified as a Chartered Accountant in 2012.

Nanoco chief executive, Brian Tenner, said: “I am delighted to welcome Liam to Nanoco’s board.

“He has been invaluable in assuming many of my former responsibilities post the recent board changes.

“This appointment will support the board’s pursuit of the significant value creation opportunities in our organic business activities and litigation against Samsung.”

Nanoco is currently involved in legal action against Samsung over alleged patent infringement.

::

Ian Burke

Accrington-based home shopping business, Studio Retail Group, has appointed Michael Torpey to its board as an independent non-executive director with effect from December 1, 2021. He will also become a member of the board’s audit, nomination and risk committees, and take over as chair of the audit committee, on appointment.

Michael is a highly experienced finance director and banking executive, with a strong track record in commercial and finance roles in the Irish financial services sector, both private and public.

Having retired in 2018, he has since 2019 been a non-executive director and chair of the audit committee of Metro Bank plc, a FTSE-listed business regulated by the Financial Conduct Authority and Prudential Regulation Authority.

Studio Retail Group chairman, Ian Burke, said: “I am delighted to welcome Michael to the Studio board. The expertise he brings with him from his executive and non-executive careers in the area of financial services business activities and finance is extremely valuable.

“It will significantly strengthen the skills, insight and robustness of the board as we continue to focus on growing Studio’s digital value proposition.”