Leo Quinn, QinetiQ Chief Executive Officer said:
“Four years ago, QinetiQ faced significant challenges. Our response has been to build a stronger Group from the ground up: leaner, debt-free and focused on those capabilities most needed by our customers following the recent reset in defence budgets. The sale of US Services is a key milestone in the Group’s transformation.
“From this foundation, our people are working hard across QinetiQ to deliver our growth strategy.
“In continuing uncertain markets, our EMEA Services division has achieved its first sales uplift in five years with all the core services businesses playing their part. A new Proxy Board and Chairman were appointed just after the year end to assist management in repositioning US Global Products and addressing its performance. Among our newer operations, OptaSense® is executing on landmark contracts in its three key vertical markets and received Queen’s Awards for Export and Innovation. Our developing cyber offerings and procurement advisory services have been established as strategic business units to realise their full potential.
“We now have a Group strongly differentiated by its expertise, innovation and financial discipline. Our portfolio combines high quality earnings with growth opportunities in new sectors and geographies, importantly underpinned by the right values and commercial culture.”