FTSE 350 Review 2019 

FTSE 350: Defence takes a direct reputational hit

FTSE 350: Defence takes a direct reputational hit

Regular readers will recall a recent sector focus on instability in Saudi Arabia, and our view that UK-listed defence stocks will not be impacted by ongoing events in the region. We’ll attempt to avoid duplication where possible. BAE Systems (BA.), our favourite defence stock for 2019, is currently the only UK player with significant exposure to Saudi Arabia anyway, where it generated 16 per cent of its 2017 revenues. BAE had a relatively mediocre 2018, owing in part to a decline in production of its Typhoon, but with defence commitments from the US and the UK, and an expected deal with Australia over its Hunter Class frigate programme now imminent, we expect a solid year ahead.

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