Human tragedies hit the headlines in any violent conflict, quite properly, but wars produce winners as well as losers. BAE Systems (BA.) is a major beneficiary of bad news from the Middle East and Ukraine which help to make it Britain’s biggest manufacturing business.

Its products include advanced combat systems, including fighter jets – such as the Eurofighter Typhoon – and F-35 components, plus submarines – including the Astute and Dreadnought classes – warships, armoured combat vehicles, and precision munitions. BAE makes Royal Navy submarines at its base in Barrow-in-Furness, Britain’s biggest shipyard. It also produces electronic warfare systems, cyber security solutions, and space electronics.