QinetiQ Group (LON: QQ.) said Monday morning that it has won an £80 million contract with the UK's Ministry of Defence (MOD).
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The company's shares initially fell following the news but are now trading around 0.3% above Friday's close. Despite the generally positive start to the year for equity markets, QinetiQ is down 3.7% in 2023. However, it has gained more than 32% in the last 12 months.
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The defence technology firm said the contract, which runs for 10 years, will see them offer expertise, support, and training to “accelerate and transform” mission data production. The training and support will include specialist mission data and electronic warfare skills solutions, along with training and IT support.
“The contract demonstrates how the MoD works closely with industry to build the skills of the future and introduce innovative approaches to enhance mission capability,” said James Willis, Chief Executive of UK Intelligence at QinetiQ.
He added: “Our team is harnessing the value delivered by small and medium-sized companies and our academic partners.”
The company also stated that the contract win is a “great example” of its cyber and information advantage distinctive offering and the strength of its partnering across the industry.
QinetiQ is set to post a third-quarter trading update on Wednesday, January 18.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.