Qinetiq eyes takeovers

QinEtiQ is plotting a takeover spree of US and australian companies to boost turnover by 75pc over five years.

Boss Steve Wadey said the regions would drive around half of the defence firm’s growth. Wadey said: ‘the priority is in australia and the US.’

Rises in defence spending after the invasion of Ukraine has boosted the likes of Qinetiq, which specialises in high-tech equipment.

Qinetiq is famously said to be the inspiration for Q in James Bond. the company’s order book jumped 9pc – but profits slid from £143m to £120m, partly because of a £14.5m writedown from a problem project.

Shares in Qinetiq fell 2.9pc, or 10.6p, to 354.8p.