News in Numbers

European naval prime Fincantieri has reported a net profit of €27m ($29.23m) for the financial year 2024, marking a turnaround from a €53m net loss in the previous year.

The UK Ministry of Defence has created a £400m ($511.4m) innovation fund to harness technologies developed by small and medium enterprises seeking entry into the defence sector.

The US State Department has approved a potential Foreign Military Sale (FMS) to the Philippines, which includes a range of F-16 fighter jets and associated equipment, valued at around $5.58bn.

In retaliation for US trade sanctions, China has blacklisted 11 US defence companies from trading and investing within the country, including drone manufacturers Insitu and Kratos.

New Zealand’s new Defence Capability Plan will incrementally elevate the country’s defence budget from slightly over 1% of GDP to upwards of 2% within an eight-year timeframe.