BAE Systems, which is the biggest military supplier to the UK Government, has benefited from a global ramp-up in defence spending.
Arms maker BAE Systems reported a record profit of just over £3 billion in the last year, driven by a global increase in defense spending, particularly due to conflicts in Ukraine and Gaza. As the UK's largest defense contractor, BAE cited "growing threats" to security as a key factor in its success. The company, which produces a range of military equipment, including missiles, tanks, planes, and cybersecurity products, secured £33.7 billion in orders last year, setting a new record backlog. BAE expects profits to rise by up to 10% this year and highlighted cybersecurity as a key focus area for growth, driven by global security challenges.
