Italian defence group Leonardo reported Tuesday a jump in annual net profit and orders, boosted by a space venture and rising geopolitical tensions that have prompted European nations to step up military spending.Defence budgets in Europe have risen following Russia's 2022 invasion of Ukraine, and are set to increase further as the EU responds to US President Donald Trump's demands that allies pay more for their security.
Leonardo said its net profit rose 67 percent to 1.16 billion euros ($1.27 billion) in 2024. Revenues rose 16.2 percent to 17.9 billion euros, with growth in nearly every segment.
Its joint space venture Telespazio contributed a capital gain of 366 million euros to its balance sheet.
Orders last year reached 20.9 billion euros, 16.8 percent higher than 2023, helped by its Electronics for Defense and Security (EDS) division, and its helicopters unit.
For 2025, Leonardo is targeting orders of 21 billion euros.
Shares of Leonardo have risen 47 percent in the past month. On Tuesday, they were up 2.7 percent to 44.16 euros on the Milan stock exchange
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