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”.
The strong performance of Qinetiq's acquisitions highlight the importance of a solid post-deal integration strategy. Read about why post-deal integration is the most important stage of the M&A process in this dedicated insight.
Robotics System Integrator Portugal is a leading provider of advanced automation solutions, offering custom projects, services, and products to enhance industrial applications.
This bespoke software development agency is renowned for its custom web, mobile, and integrated solutions, boasting a highly technical team and strong client retention across various sectors.
This rapidly growing wellness technology business, based in the West Midlands but operating nationwide, specialises in alternative therapy equipment for the burgeoning health, recovery, and longevity sectors.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.