Feb 23 Reuters German defence electronics maker Hensoldt reported a 5 increase in annual orders on Friday, with TRML4D and Eurofighter radars driving revenue in 2023.

Hensoldt39;s TRML4D radars are an integral part of the German IrisT air defence system supplied to Ukraine while the Eurofighter is the flagship European fighter jet.

The defence electronics specialist posted a preliminary order intake of 2.09 billion euros 2.26 billion in 2023 and revenue of 1.85 billion euros, broadly in line with a companyprovided consensus.

European arms manufacturers have reported accelerating profits and soaring order intakes as geopolitical tensions drive the largest increase in defence investments in decades.

Swedish defence contractor Saab earlier in February reported an 8 rise in fourthquarter operating profit and lifted growth targets based on increased military spending.

Hensoldt CEO Thomas Mueller said in a statement that the firm, which makes the lion39;s share of its sales in Europe, has proven to be a reliable partner for governments and international alliances like NATO in times of geopolitical tensions and uncertainty.

The partly stateowned company forecast revenue of around 2 billion euros for 2024, while analysts polled by LSEG are expecting 2.2 billion, and significantly faster growth in order intake.

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Reporting by Paolo Laudani and Andrey Sychev in Gdansk; Editing by Kirsten Donovan

Source Reuters