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Conflicts boost BAE profit

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Conflicts boost BAE profit

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Britain’s BAE Systems, which is Europe’s biggest military contractor, has announced that its full year net profit in 2008 almost doubled, to just under two billion euros, and it expects further good growth this year.

The wars in Iraq and Afghanistan have boosted demand for the company’s tanks and armoured personnel carriers as well as bullet proof vests and battlefield communications equipment. BAE also said it will benefit from the weakness of the British pound against the euro and the dollar which increased the value of income from Europe and the US. BAE said it is not immune to the global economic downturn for example Britain is looking to freeze defence spending, but the company said it is insulated because of its full order books.