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TKMS’s order backlog hit a fresh record, the German warship builder said, as demand for weapons continues to surge across European to cut military dependence on the United States, Reuters reports.
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.
Its order backlog rose to 20.6 billion euros ($24.2bn) at the end of March, up from 18.7bn 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.
