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Smaller player Meggitt also posts an update with markets braced for disappointing results from this key UK sector.

This will be a blow to UK growth hopes after last weeks figures showing GDP rose just 0.3 per cent in the second quarter.

Russ Mould, investment director at AJ Bell, said the UK aerospace sector is the worlds second largest after the US.

All three companies are major exporters and have benefited from the drop in the value of the pound post-Brexit, which has boosted demand as their products are relatively cheaper for foreign customers.

In recent weeks markets have lost some of their enthusiasm for the aerospace sector

Russ Mould - AJ Bell investment director

However, a continuing UK slowdown might hit domestic military spending and sales at the three companies, Mould added.

In recent weeks markets have lost some of their enthusiasm for the aerospace sector.

Last month engineering giant Rolls-Royce announced a 150 million investment in new and existing civil aerospace facilities in the UK, signalling its confidence in Britain after it leaves the EU.

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Ian Forrest, investment research analyst at The Share Centre, said Rolls-Royce is still recovering after issuing a rash of property warnings.

It is now starting to see the benefits of its extensive restructuring programme.

The engineer has just unveiled its largest and grandest car ever, the Phantom VIII, and Forrest added: It needs to show more signs of progress, especially in the marine division, although aerospace should be helped by the lower oil price and move towards more fuel-efficient planes.

Shares in BAE Systems jumped earlier this month after the High Court threw out a case trying to block arms sales by British firms to Saudi Arabia.

Philip Buller, European aerospace and defence analyst at Barclays, said this could offer near-term support but he remains underweight on the stock.

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We remain concerned by the companys ability to outperform peers and consider growth expectations to be overly optimistic over the medium term.

The aerospace and defence sector was given a boost by Donald Trumps US presidential victory last year, as he ran on a campaign of boosting military spending.

Sanjay Jha, researcher at Panmure Gordon, said it continues to ride this wave of optimism even though Trumps spending plans look increasingly imperilled.

Despite all the talk, there has been no increase in defence spending.

He added: The prospect of simultaneously getting new money for defence and approving Trumps tax cuts look too ambitious.

Jha warned the civil aerospace sector is plagued with over-capacity while the business jet markets still look sick, hitting Meggitt.

It is heavily reliant on cheap debt to keep dancing, once the music stops in our view earnings will collapse.

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UK aerospace and defence industry braced for disappointing quarterly results - Express.co.uk