Qinetiq Group PLC - Farnborough, Hampshire-based defence technology company - Receives contract to provide mission support to the US Space Development Agency. The firm-fixed-price contract is worth USD224 million and lasts for five years. "This contract is the largest competitive win for the Avantus business since QinetiQ's acquisition in November last year and underpins our target of greater than 10% annual revenue growth from Avantus," the company says. Chief Executive Officer Steve Wadey says: "Securing this new contract is an important milestone in the delivery of the ambitious growth plan for our US business, including the excellent capabilities we acquired with Avantus last year. It demonstrates our strategy is working, providing confidence that we will deliver good returns, both organically and through acquisitions. We remain confident in our plan to deliver high single digit organic revenue growth at stable profit margins."
Current stock price: 335.80 pence, up 4.7% on Thursday
12-month change: flat
By Tom Budszus, Alliance News reporter
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