Britain’s biggest weapons manufacturer BAE Systems today said it received record orders following the Ukraine war.
The FTSE 100 firm expects sales to rise to £30bn as the European defence industry gears up for increased spending sparked by the ongoing unrest in Kyiv and the surrounding areas.
BAE Systems reported annual profits before interest and tax of more than £3bn for the first time in 2024.
Charles Woodburn, the chief executive of BAE Systems, said the company was “waiting for some clarity” about the extent of European defence spending increases but “given what’s happening, it’s going to be higher than it is today”.
It comes as Donald Trump’s return to the White House led to the US change in stance from being the key military backer of Ukraine’s resistance. Since coming into power, Trump has blamed Ukraine for the war and his administration held talks this week with Russia that excluded Ukraine, the EU and the UK.
“I’m very disappointed, I hear that they’re upset about not having a seat [at the talks],” Trump told reporters at his Mar-a-Lago resort in Florida when asked about the Ukrainian reaction. The US president said a “half baked” negotiator could have secured a settlement years ago “without the loss of much land”
