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The Guardian - UK
The Guardian - UK
Business
Jasper Jolly and agencies

Arms maker BAE Systems makes record profit amid Ukraine and Israel-Gaza wars

BAE BAE Systems Ukraine United Kingdom Israel Gaza Charles Woodburn United States
Models of aircraft and a helicopter on display at the BAE Systems booth at an exhibition in Australia
Models of aircraft and a helicopter on display at the BAE Systems booth at an exhibition in Australia. Photograph: Bloomberg/Getty Images

Increased military spending prompted by Russia’s war on Ukraine and the Israel-Gaza conflict helped the British weapons manufacturer BAE Systems to record profits last year, with further growth expected in the year ahead.

The FTSE 100 company made underlying profits before interest and tax of £2.7bn on record sales of £25.3bn in 2023.

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