BAE Systems PLC (LSE:BA.) shares edged close to a five-year high on Monday as the group confirmed it would take on 2,600 new apprentices in 2023 and mainly in the North of England.
The weapons group already has 4,300 juniors and graduates enrolled on its training scheme but is increasing its 2023 intake by 800 from 1,830 this year.
BAE said the roles are not solely aimed at young people, with career changers and people aged over 25 also being recruited.
Training covers 50 programmes in areas ranging from aerospace engineering to cyber security.
The increased recruitment reflects a strong year for shares in Britain's premier weapons maker as the war in Ukraine has led to a re-rating of defence companies.
Brokers expect the momentum to continue with Citigroup highlighting recently that ammunition supplies from the West to Ukraine will be critical for its continued resistance and that supplies are running low.
“In 2023, the need for ammunition could increasingly be an important theme in the sector. We see resilient margins, as defence companies benefit from inflation-protected contracts.”
A number of new fighter contracts have been flagged recently and even before these BAE said its order book was tracking for a very strong 2022 with £18bn booked in the first half of the year and a further £10bn in the second.
Shares rose 0.6% to 845.4p, just shy of their recent October high, having risen 54% this year.