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BAE Systems Achieves Record £70bn Order Backlog Amid Global Tensions

The British defense giant's unprecedented order volume is driven by increased military spending in response to conflicts in Ukraine and the Middle East, along with the AUKUS pact.

Overview

  • BAE Systems reports a record order backlog of £70bn as countries bolster their military capabilities in light of Russian aggression and other global tensions.
  • The company secured £38bn in new contracts in 2023, including deals for the UK's nuclear deterrent submarines, the AUKUS defence pact, and combat vehicles for European countries.
  • Increased military spending is observed across Europe, Asia, and the Americas, with significant orders from Poland, the Czech Republic, and Germany.
  • BAE's financial performance in 2023 includes sales of £25.3bn and a pre-tax profit rise to £2.3bn, with expectations of sustained growth in the coming years.
  • The company's shares have more than doubled in value since February 2022, despite a slight drop following the announcement of its financial results.