Qinetiq has £250m war chest to expand in US
Qinetiq, the former government-owned defence research and technology group which controversially floated on the stock market earlier this year, said yesterday it could spend up to £250m to expand its US business.
The company, which listed in February with a value of £1.3bn, said it wanted to increase the proportion of group sales generated in the North American market from a third to more than a half in the next four to five years.
Qinetiq has so far spent £300m buying up US companies, and Graham Love, its chief executive, said there were further acquisitions in the pipeline.
He was speaking as Qinetiq unveiled its maiden results as a publicly-quoted company. Underlying pre-tax profits for the year to the end of March rose 38 per cent to £91m. Sales were 23 per cent higher at £1.052bn.
Although the figures were in line with expectations, they failed to stop Qinetiq shares slipping further.
They closed 2 per cent down at 170.5p, having been floated at 200p amid a storm of protest in some quarters that small shareholders had been frozen out of the privatisation.
- 1 Unseen Charlie and the Chocolate Factory chapter deemed 'too subversive' released
- 2 Ebola virus: It's ripped through towns – now the deadliest ever outbreak of the virus is heading for Africa's teeming cities
- 3 Joan Rivers: 'Palestinians deserve to be dead'
- 4 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
- 5 Mexican woman becomes world’s 'oldest person' at 127
Israel-Gaza crisis: YouTube footage shows scale of destruction after 50 days of shelling
iPhone 6 'hidden code' could indicate sharper screens or bigger phones
Keira Knightley topless: Conservative actress does own take on #Freethenipple campaign for Interview Magazine
Joan Rivers: 'Palestinians deserve to be dead'
Ebola virus: It's ripped through towns – now the deadliest ever outbreak of the virus is heading for Africa's teeming cities
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
Rotherham child sex abuse scandal: Labour Home Office to be probed over what Tony Blair's government knew - and when
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Do you realise just how foolish the UK looks?
With Douglas Carswell joining Ukip, my party has taken another giant step forward
iJobs Money & Business
£40000 - £45000 per annum: Ashdown Group: An established professional services...
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
£28 - 32k + Uncapped Commission: Guru Careers: A Business Development Manager ...
£40000 - £70000 per annum + Bonus+Benefits+Package: Harrington Starr: C# .NET ...