LONDON QinetiQ. the defence research and development specialist, has raised turnover by 9.7% to £872.4million in its latest financial year while operating profit rose 33.1% to £69.6milllion.
Sir John Chisholm, QinetiQ's chief executive said, “This year has seen a major restructuring of the business into three sectors which reflect our strategic focus on the UK defence market, the US defence and security markets, and the commercialisation of defence technologies.”
Two US acquisitions, Foster-Miller and Westar Aerospace & Defense. have been completed and integrated successfully.
Sir John added, “The successful integration of these US acquisitions has delivered a step change in our North American presence, increasing our business with the US Department of Defense (DoD) to the extent that it is now the Group's second largest customer. We expect the US to become an even larger proportion of the Group by the end of the current financial year.
“In the UK, we have applied our expertise to no less than 703 contracts, valued between £100,000 and £5 million, for MoD customers. These include updating the RAF's ground attack Tornadoes, with our partner BAE Systems, with new precision weapons, and proving our technology for automatic landing of STOVL (Short Take Off and Vertical Landing) aircraft at sea, for ultimate use on the Joint Strike Fighter.”
“QinetiQ's capabilities in commercialising these technologies have been recognised by major corporations such as BAE Systems, which has asked us to help it identify and take to market some of its own technologies.”