DEFENCE · LSE
UK's largest defence company. European defence spending surge. Record order book. Up 73% over 12 months — but still cheaper than US peers.
UK naval & missile systems supplier. Royal Navy commitment to Red Sea ops drives sustained UK defence spend.
AS90 howitzer reorders, Storm Shadow / SCALP integration, NLAW production. Permanent UK defence budget shift to 2.5% GDP, rising toward 3%. Locked-in capital expenditure cycle.
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