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International Business Times

Business

BAE Profits Boosted By Defense Spending Amid Ukraine War

BAE Ukraine Defense Spending BAE Systems

BAE Systems, Europe's largest defence contractor, makes a large range of munitions including NATO-standard 155mm artillery shells (Credit: AFP)

British military equipment maker BAE Systems on Wednesday announced a five percent rise in annual net profit, boosted by government defense spending amid the war in Ukraine.

Profit after tax at Europe's largest defense contractor stood at almost GBP2 billion ($2.5 billion) for 2024, BAE said in an earnings statement. Revenue climbed 14 percent to GBP26.3 billion.

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