PRAGUE, April 10 (Reuters) - Revenue at Czech defence

and industrial manufacturer Czechoslovak Group (CSG) rose by 71%

last year while earnings before interest, tax and amortisation

(EBITDA) more than doubled due to rising demand for military

equipment, the company said on Wednesday.

The maker of heavy military equipment and large-caliber

ammunition - in high demand due to the war in Ukraine - said

increasing defence budgets provided potential for revenue growth

in the coming years.

Revenue rose to 1.73 billion euros ($1.88 billion) in 2023.

EBITDA jumped by 130% to 439 million, the company said, while

net profit climbed by 49% to 210 million euros.

CSG, owned by Czech businessman Michal Strnad, 31, has been

investing into raising its ammunition production at its plants

in Slovakia and Spain, and has also played an important role in

western efforts to procure and supply military material to

Ukraine.

The company is also in the process of a $1.91 billion

all-cash acquisition of the Sporting Products division of

U.S.-based Vista Outdoor ( VSTO ), since renamed as Kinetic

Group, which includes its guns and ammunition production

business.

"The continuing Russian aggression against Ukraine resulted

in a significant increase in defence spending in most European

countries, especially in Eastern and Northern Europe," CSG said.

"This is accompanied by greater pressure to expand

production capacity and - given the high consumption of mainly

large caliber ammunition and ground equipment - the need to

replenish more rapidly the stocks of military equipment and

materiel in the arsenals of NATO member states."

($1 = 0.9214 euros)