Defence supplier QinetiQ revamps as global security steps up

Ministry of Defence supplier QinetiQ promised to crack on with a shake-up today by targeting increasingly “sophisticated” customers facing a cocktail of global security threats.

The FTSE 250 supplier of weapons systems and technology, which recently won a £1 billion amendment to a long term MoD contract, saw revenues rise 4% to £783.1 million and pre-tax profits up to £123.3 million for the year ending March.

Chief executive Steve Wadey is halfway through a two-year overhaul and said he was focused on “cultural change” at the group as well as tapping into “rapidly changing dynamics” of global security.

“The world is becoming a more demanding place and we either sit back or work to get out there,” he said. “The competition and sophistication levels in international markets are really high. Customers are demanding even more than a decade ago.”

The firm also unveiled new tie-ups with BAE Systems and Rockwell Collins today.