OTTAWA, Ontario, Oct. 17, 2024 (GLOBE NEWSWIRE) -- Calian Group Ltd. (TSX: CGY), closed fiscal year 2024 ending September 30, having signed several defence contracts in the fourth quarter valued at approximately $29 million, further solidifying its position as a trusted partner in the global defence industry. These new contracts align with Calian's mission to equip, prepare and protect military personnel as global military spending continues to surge amid war, geopolitical instability and the heightened need for new and advanced technologies.
Global defence budgets continue to rise and are projected to reach $2.5 trillion by 2028 according to Markets and Markets. Throughout FY2024, Calian continued to win contracts to support key global defence initiatives that enhance military readiness and operational effectiveness. Closing out Q4, Calian was selected to provide Canada and NATO members with operational and training support, defence manufacturing, engineering support and technical expertise.
"As the world faces continued unrest, Calian is more dedicated than ever to delivering cutting-edge defence solutions to ensure the preparedness and safety of Canadian, NATO and allied personnel," said Kevin Ford, CEO, Calian. "Our recent contract signings reflect the growing trust our global partners place in Calian to support critical global defence initiatives. As we move into FY2025, we remain focused on helping our allies prepare for the complex challenges that lie ahead, equipping them with the tools and expertise needed to safeguard national and global security."
In a 2024 McKinsey & Company report they indicated that following the invasion of Ukraine, NATO member states have announced plans to spend significantly more on defence in the coming years. It goes on to add that if actual spending stays in line with the latest announcements made by European governments, their analysis estimates that cumulative defence spending could increase by €700 billion to €800 billion between 2022 and 2028, with total European spending reaching as much as €500 billion per year in 2028. With Calian's recent acquisition of U.K.'s Mabway, combined with its leadership in providing defence readiness expertise for NATO countries, Calian is uniquely positioned going into FY2025 to support these increasing demands.
With over 40 years of experience delivering defence solutions to Canada and its global allies, Calian provides a broad portfolio of services, including military training, simulation, healthcare, cybersecurity and complex systems integration. These recent Q4 contract signings reinforce Calian's commitment to helping military forces remain ready and resilient in today's fast-changing security environment.
Learn more about how Calian delivers confidence for military customers, no matter their needs: https://www.calian.com/defence/.
About Calian
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We keep the world moving forward. Calian® helps people communicate, innovate, learn and lead safe and healthy lives. Every day, our employees live our values of customer commitment, integrity, innovation, respect and teamwork to engineer reliable solutions that solve complex challenges. That's Confidence. Engineered. A stable and growing 40-year company, we are headquartered in Ottawa with offices and projects spanning North American, European and international markets. Visit calian.com to learn about innovative healthcare, communications, learning and cybersecurity solutions.
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DISCLAIMER
Certain information included in this press release is forward-looking and is subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Such statements are generally accompanied by words such as "intend", "anticipate", "believe", "estimate", "expect" or similar statements. Factors which could cause results or events to differ from current expectations include, among other things: the impact of price competition; scarce number of qualified professionals; the impact of rapid technological and market change; loss of business or credit risk with major customers; technical risks on fixed price projects; general industry and market conditions and growth rates; international growth and global economic conditions, and including currency exchange rate fluctuations; and the impact of consolidations in the business services industry. For additional information with respect to certain of these and other factors, please see the Company's most recent annual report and other reports filed by Calian with the Ontario Securities Commission. Calian disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No assurance can be given that actual results, performance or achievement expressed in, or implied by, forward-looking statements within this disclosure will occur, or if they do, that any benefits may be derived from them.
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