Tue, 30 May 2023 | BUSINESS NEWS
Farnborough-headquartered defence technology group Qinetiq has said it will target further acquisitions after posting strong results in its latest financial year. The listed group reported £1.58 billion in revenue for the year to March 31, up from £1.32 billion a year earlier, while underlying pre-tax profits increased from £142.2 million to £189.7 million.
During the year, the group completed two strategic takeovers in the USA and Australia, commenting that both acquisitions were “performing well and the integrations are on-track". As a result, the company said that it would target further strategic acquisitions as it seeks to reach approximately £3 billion in revenue by FY 2027.
The company operates in a range of defence and technology markets, including robotics, launch systems, surveillance and bomb detection. It was demerged from the UK’s Ministry of Defence in 2021 and its customers include the US, British and Australian governments.
Commenting on the group’s results, Qinetiq group Chief Executive Steve Wadey said: "We have delivered an excellent set of results characterised by a record order intake and strong operational performance across the group. The integration of the two strategically significant acquisitions of Avantus and Air Affairs gives us a compelling global platform from which to grow."
Wadey added that the “uncertain world and the heightened threat environment” that the company is operating in had boosted demand for its services and had led to “an increased addressable market presenting opportunities for further growth”.
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