Global arms race boosts anti-tank weapon maker Saab

The defence giant behind anti-tank weapons Britain has sent to Ukraine posted rising profits as nations re-arm in the face of more military threats. 

Saab, which makes the Next-generation Light Anti-tank Weapon (NLAW) that has played a major role in Ukrainian resistance to Russia’s invasion, said earnings rose 13.6 per cent to £45m in the third quarter of the year. 

The Swedish firm, which builds everything from warships and fighter jets to missiles and radar systems, said it would continue to benefit from increased defence spending in the coming years. 

‘It’s a multiple-year growth opportunity that we see in Europe and elsewhere, at least until 2030,’ said Saab chief executive Micael Johansson. 

The 27.5lb rocket launcher is dubbed the ultimate tank killer and the UK has sent more than 5,000 to Ukraine. 

Their lightness makes them easy to carry and use. A soldier can be trained to use them in less than a day. 

Military analysts believe that the weapons were critical to the defeat of Russian advances in the early stages of the war.