LONDON Feb 20 Europe's largest defence
contractor BAE Systems said its U.S. business was close
to "bottoming out" in 2014 after suffering a 865 million pound
($1.45 billion) writedown last year and further pressure from
reduced U.S. spending.
"For 2014, the question is are we bottoming out in the US -
we're getting pretty close," Group Finance Director Peter Lynas
told analysts on Thursday, declining to comment on the 2015
"I think we've taken most of the pain in 2013," he said.
BAE said on Thursday it expected continued pressure on US
defence spending to hit earnings by up to 10 percent this year.