Defence industry mainstay Czechoslovak Group sees big jump in profits

The Czech industrial-technology company Czechoslovak Group saw its net profit increase by 49 percent year-on-year to around CZK 5 billion in 2023, it said on Wednesday.

Revenues rose by 71 percent to almost CZK 42 billion, with deals in the defence industry accounting for more than 70 per cent of the group’s sales.

The war in Ukraine has contributed to the jump in Czechoslovak Group’s turnover, a pattern also seen in some other major players in the Czech defence industry sector.