High-flying BAE to snap up drone firms in defence boom
BAE Systems is looking to buy more companies that design and make drones as geopolitical tensions worldwide lead to a boom in defence spending.
Chief executive Charles Woodburn, pictured, said the UK’s biggest military contractor was considering a range of possible takeover targets.
BAE bought a British group in the sector called Malloy Aeronautics, whose drones can carry weapons and army supplies, earlier this year. ‘There are other [firms] that we’re looking at,’ Woodburn said.
Unmanned drones can be used for surveillance, to deliver items and even shoot weapons.
They have become a critical part of the war in Ukraine because they are much cheaper than fighter jets, more discreet, and can even be controlled from thousands of miles away.
Woodburn added that the world is seeing a rapid evolution in drone warfare and demand is growing.
His comments came as BAE reported a 13 per cent rise in turnover to £13.4 billion. The company, worth £39 billion, also upgraded its profit forecasts. BAE shares have risen 27 per cent over the past year.