TKMS's order backlog hit a fresh record, the German warship builder said today, as demand for weapons continues to surge across European to cut military dependence on the US.
TKMS, which is majority-owned by German engineering conglomerate Thyssenkrupp, has been riding a boom in defence stocks following a stock market listing in October.
"The Russian war of aggression against Ukraine and the military conflicts in the Middle East between Israel, the USA and Iran have led to a permanent increase in global defence spending," the company said in its quarterly report.
Its order backlog rose to €20.6 billion at the end of March, up from €18.7 billion at the end of December, the company said.
The submarine and sonar technology divisions helped it to post higher-than-expected first-half sales and profits, it added.
Adjusted operating profit during the six months to March rose 13.2% to €60m, while sales climbed 10.2% to €1.17 billion. Analysts in a company-provided poll had, on average, expected operating profit of €59m and sales of €1.10 billion.
Shares in the company have gained nearly one fifth year-to-date
