Europe's biggest defence company BAE Systems said it could expand to meet surging demand if governments provide long-term guarantees on increased military spending, after it reported a record order backlog.

BAE Systems Plc reported full-year earnings that beat analyst estimates and said it’s optimistic about growth as global demand for artillery systems and other weapons gains pace.The London-based defense contractor said sales for the year ending in December were more than £28.

BAE Systems has reported record order backlog growth of 11% to £77.8bn ($98.06bn) in 2024 with 14% growth in sales and underlying earnings before interest and tax (EBIT). The company recorded a strong order intake of £33.

Europe's biggest defense company BAE Systems said it could expand to meet surging demand if governments provide long-term guarantees on increased military spending, after it reported a record order backlog. Francis Maguire reports. Brazil's ex-President Bolsonaro charged over alleged 2022 coup plot