BAE Systems, the British maker of military equipment, said Thursday that group net profit rose by 24 percent last year and looked forward to recovering government defence budgets.

Profit after tax rose to £918 million ($1.31 billion, 1.18 billion euros) in 2015 compared with one year earlier, BAE said in an earnings statement.

"We have delivered another year of solid performance," BAE said in the statement, adding that it had "continued to demonstrate resilience in markets constrained by wider economic pressures".

Chief executive Ian Kingadded that BAE Systems "is well placed to continue to generate attractive returns for shareholders as defence budgets recover".