Defence business booms and order books build on the back of Russia–Ukraine war
The war in Ukraine has meant demand for artillery shells which has boosted Rheinmetall’s results. (Photo: Ukraine MoD)
The half yearly and second quarter results of defence companies show mostly substantial increases in order books and sales, as supplying Ukraine, buying new equipment and replenishing stocks boosts contracts.
First half 2024 reporting from defence companies has emphasised the substantial increase in national spending occurring in many countries, especially NATO members, in the face of ongoing conflicts.
The situation has been underlined by the US Defense Security Cooperation Agency (DSCA) reporting a major increase in Foreign Military Sales (FMS) since Russia’s invasion of Ukraine in 2022.
Rheinmetall has been among the companies to have reported a massive increase in backlog, profits and orders.
The German group’s sales reached €3.8 billion (US$4.2 billion) in the first half of 2024 marking an increase of 33% from the first half of 2023, while backlog
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