ISTANBUL

English aerospace and defense firm BAE Systems posted a record sales revenue of £28.33 billion ($35.68 billion) last year, in the wake of increasing defense expenditures in Europe, according to figures the company released on Wednesday.

Sales increased by 14% in 2024 compared to the previous year.

The company's underlying earnings before interest and tax (EBIT) in 2024 also rose by 14% compared to 2023, reaching £3.01 billion.

The earnings per share of the company soared from £62.2 to £68.5 in the same period.

The firm received new orders worth £33.7 billion last year, while the total of the company's existing backlog of orders increased by £8 billion last year, reaching £77.8 billion.

“The results we’re reporting today reflect the outstanding efforts of our employees and continue our track record of strong top-line and earnings growth, free cash flow and orders," Charles Woodburn, CEO of BAE Systems said.

BAE Systems has benefited from the surge in defense spending in European countries since the start of the Russia-Ukraine war, with orders for fighter jets, submarines, and frigates in high demand.

As countries face increasingly diverse and complex threats to security, BAE Systems expects sales to rise by 9% and profits by 8% this year.

BAE Systems has been a target for mass protests across Europe and Türkiye for its links with Israel and its genocidal war in Gaza.

The firm has a role in a consortium supplying F-35 fighter jets to Israel which have been used in its assault on the Gaza Strip.