Yahoo Finance Boost for British weapons maker as US sales drive record order book
A surge in US defence spending fuelled by growing geopolitical tensions has boosted British weapons maker QinetiQ, which revealed a record order book in the first half of the year.
QinetiQ, which produces drones, military robots and electric tanks, said it had received £950m of orders over the period, most of which were from the US military.
One of the largest contracts was a five-year $224m (£182m) deal with the US Space Development Agency announced last month.
As part of the deal, QinetiQ will help the agency manage its network of warning satellites designed to detect missiles.
According to the Stockholm International Peace Research Institute, defence spending around the world grew 6.5pc last year, driven by countries restocking their ammunition reserves following donations to Ukraine.
Steve Wadey, QinetiQ’s chief executive, said: “Record first half order intake demonstrates that our distinctive offerings remain in high demand across all our home countries, as our people continue to deliver high-value services and products critical to national defence and security.”
The company is also banking on a spike in demand for its electric tanks, as armed forces rush to build next-generation fighting vehicles.
Earlier this year, it forecast greater sales of cyber security products and a range of sophisticated practice targets to help train military personnel to shoot down aircraft.
These targets can mimic warplanes and ships so that troops, sailors, and aircrews can hone their skills in taking them down.
QinetiQ, which was spun out of the Ministry of Defence nearly two decades ago, said last month it is developing a disposable drone with top British arms contractor BAE Systems called Jackdaw.
Based on the design of the Banshee target, which looks like a mini warplane and is made to be shot out of the sky during missile tests, the jet-powered Jackdaw will help lure rockets away from nearby jets, snoop on targets and jam radio transmissions.
The design is part of a broader trend in defence engineering in moving towards cheaper, disposable weaponry rather than relying solely on multimillion-pound fighter jets and warships.
