Marching on QinetiQ new MoD tie-up
The Ministry of Defence today signed a £998 million contract for QinetiQ to test its helicopters, weapons and vehicles for five years.
The third tranche of a 25-year deal is worth almost £50 million more than the last five-year contract, whose value was £951 million. The first deal, struck in 2003, was worth £964 million.
Shares in QinetiQ, formerly the Government’s military gadget maker, shot up 7.9p to 195.9p. The latest contract also sees the firm manage 17 MoD-owned sites, look after their equipment, land and buildings, and provide training and support. QinetiQ says that since the agreement was first signed, it has “more than doubled output under the contract, [and] is on track to achieve £700 million savings for the MOD” over the deal’s lifetime.
Chief executive Leo Quinn, said: “This agreement is recognition of the expertise of our people and their ability to consistently deliver support to Britain’s armed forces. We are committed to continuing to invest in these capabilities to provide this vital service to the MoD in support of the front line.”
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