Last checked at 31 Aug 2023 17:03
News release
QinetiQ Group plc
$224m contract win in the US (formerly Avantus) supports our ambitiousgrowth plan
31 August 2023 - QinetiQ Group plc (QinetiQ) is pleased to announce that it has won a five year $224m firm-fixed-price contract to provide mission support to the US Space Development Agency (SDA).
This contract builds on an existing strong customer relationship with the SDA, generating incremental growth on previous work. Under the 5-year contract, QinetiQ will deliver management and professional services, acquisition support, engineering and technical assistance needed to deliver the Proliferated Warfighter Space Architecture programme. The QinetiQ team, along with its strategic partners, provide engineering services in support of SDA's most critical space missions. 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.
Steve Wadey, Group Chief Executive Officer of QinetiQ, said:
"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."
About QinetiQ
QinetiQ is an integrated global defence and security company focused on mission-led innovation. QinetiQ employs more than 8,000 highly-skilled people, committed to creating new ways of protecting what matters most; testing technologies, systems, and processes to make sure they meet operational needs; and enabling customers to deploy new and enhanced capabilities with the assurance they will deliver the performance required.
Visit our website www.QinetiQ.com. Follow us on LinkedIn and Twitter @QinetiQ. Visit our blog www.QinetiQ-blogs.com.
For further information please contact:
John Haworth, Group Director Investor Relations: | +44 (0) 7920 545841 |
Lindsay Walls, Group Director Communications (Media enquiries): | +44 (0) 7793 427582 |