Italian defence and aerospace group Leonardo expects revenues to rise to around 18.6 billion euros ($20.3 billion) this year, the company said in a statement on Tuesday.

The Italian defense firm's projection is driven by new joint ventures, organic growth and huge rises in defense spending in Europe.

Italy’s state-owned defense and aerospace company, on Tuesday raised its revenue and order projections for the year, citing a robust order backlog and continued expansion in its core sectors of defense electronics and helicopters.

Italy's Leonardo on Tuesday nudged up its revenue and order guidance for this year, boosted by a strong order backlog and as it sees its core business of defence electronics and helicopters growing further.