Qinetiq boss Steve Wadey has hailed the success of the UK defense sector as his company became the latest to report rising orders amid growing geopolitical tensions.
According to the report, uncertainty caused by the war in Ukraine, tensions with China and the conflict in Gaza have boosted defense and security budgets, helping companies like Qinetiq, which specializes in high-tech areas such as robotics, laser and cyber . traditional British defense companies such as BAE Systems and Babcock.
“We are doing really well,” says Wadey of the sector.
Boom time: Qinetiq says uncertainty caused by war in Ukraine, tensions with China and Gaza conflict have boosted defense and security budgets
His company reported a rise in orders to £953m for the first half to the end of September, helped by a record period for Avantus, the US subsidiary it bought last year.
Avantus won a £181 million contract with the US Space Development Agency.
Qinetiq has agreed to explore extending its agreement with the Ministry of Defense until 2033.
However, despite the order boost, shares fell 8.5 percent after results showed cash flows had been hit by the timing of customer payments.