According to CoinMeta, as increased defense spending boosts growth prospects, British defense company BAE has raised its annual free cash flow forecast by about 50%. The company stated in a trading update on Thursday that it has raised its annual free cash flow forecast from over £2 billion to approximately £3 billion (about $4 billion). BAE noted that governments in its main markets are still committed to increasing defense spending and maintain a forecast for annual sales growth of 8% to 10%. As European countries procure military equipment to enhance their weaponry capabilities and reduce their dependence on the United States, BAE has seen a significant increase in orders. Meanwhile, ongoing conflicts in the Middle East have prompted local countries to upgrade their defense capabilities, and this region is home to some of BAE's largest customers. BAE's CEO Charles Woodburn said in a statement: "Since the beginning of this year, we have seen strong financial and operational performance, with a positive trend in new orders. The large number of existing orders provides high predictability for our future business. As our product portfolio continues to adapt to changing threat scenarios and customer needs, the company is poised for sustainable growth in the coming years."