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

Shares in the British munitions maker have more than doubled since February 2022, and are up 24% alone since the onset of the Israel-Gaza war on October 7

Shares in weapons manufacturers have surged in the past two years after Russia’s full-scale invasion of Ukraine in February 2022 made governments reassess their plans for military spending.

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 (€3.1bn) on record sales of £25.3bn in 2023.