Rolls-Royce is not the only weapons company to report strong demand today: BAE Systems has also said that “sustained increases” in defence budgets around the world meant it had upgraded its profit forecasts.

BAE Systems’s sales rose 9% year-on-year during the first half of the year to £15.8bn, while it recorded orders worth £16.4bn, up £3.2bn from the same period last year.

Across the business, our outstanding teams have delivered another strong period of operational and financial performance, which gives us the confidence to upgrade our full year guidance.

The global threat picture remains highly volatile and governments are responding with sustained increases in their defence budgets. The combination of our proven execution, diverse geographic footprint and continued investment in our technology and facilities, alongside our healthy order backlog and growing opportunities across our markets, positions us to keep delivering long-term growth.