Joint Strike Missiles are the main reason for Kongsberg's jump in the second quarter.

The Norwegian defence and technology company Kongsberg Gruppen announced on Monday a 53% increase in orders for the second quarter, driven by contract awards primarily centered around the Joint Strike Missile.

In a press release, CEO Eirik Li, who replaced Geir Haoy, stated that "we are experiencing a growing interest in both security?below sea level and in space areas, where Kongsberg?is?well-positioned".

Kongsberg, a company that serves the defence, security, and technology industries, reported its quarterly orders rose to 17,07 billion Norwegian crowns (1,75 billion dollars) from 11,19 billion crowns a year ago.

After the Ukraine war, European governments have increased their military budgets and restocked weapons, and are looking for more air-defence systems, missiles and counter-drones.

Kongsberg Group reported in May that the 'first quarter orders' had more than doubled due to a?strong demand? for weapon stations and anti-drone systems.

Last month, Kongsberg announced that it aimed to triple its revenue by 2029, and more than quadruple it by 2033. It cited the rise in European defense spending.

"The order backlog, and?market development we've?seen?in the second quarter - position us well to achieve these ambitions," Lie stated.

(source: Reuters)