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QinetiQ Group PLC on Wednesday said it plans to double the size of its US and Australian business as the defence technology firm eyes achieving £2.3 billion worth of annual revenue by 2027.
The Farnborough, Hampshire-based company, which ended its financial year on March 31, hailed the UK, US and Australia as its main ‘growth drivers’. QinetiQ's businesses in those three countries have seen 75% revenue growth in the past six years, equivalent to 10% compound annual growth.
‘We continue to focus on these three countries and today announce an increased level of ambition: we intend to deliver at least the same level of growth in the next five years,’ QinetiQ told an investor seminar on Wednesday.
It eyes group revenue of £2.3 billion by financial 2027. It is yet to report results for financial 2022. Revenue in financial 2021 amounted to £1.28 billion.
‘This will be achieved through more than doubling the size of both our US and Australian businesses,’ QinetiQ added.
‘The defence and security context worldwide has heightened the need for our six distinctive offerings giving significant growth potential within our more than £20 billion addressable market. We have a robust strategy in place that is increasingly relevant to respond to these market dynamics, to drive significant growth and strong shareholder returns.’
Shares in the company were 0.2% lower at 341.40 pence each in London on Wednesday morning.
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