US Edition The company's staff are already being balloted by unions on strike action over a pay freeze announced earlier this year.
Graham Love, chief executive, said most of QinetiQ's staff are not represented by trade unions, and added: "We cannot guarantee an inflationary pay increase when there's no inflation."
While Mr Love acknowledged QinetiQ's profits are increasing, he said the UK business did not grow last year after a 23pc drop in revenue from research for the Ministry of Defence.
QinetiQ has refocused its business on expansion in the US and contracts for technology training and services in the UK, moving on from its roots as the Government's military research agency.
In Britain, QinetiQ is part of a consortium which will build and run a planned £12bn technical training facility in Wales for the Army, Navy and RAF. Mr Love said he expected the Government to sign off the final investment case for the project this autumn.
QinetiQ's pre-tax profit more than doubled to £114m in the year to the end of March, from £52.4m last year, and revenue climbed 18pc to £1.6bn, helped by acquisitions in the US and the strength of the dollar against the pound.
QinetiQ also raised its dividend by 11.8pc to 4.75p a share. It will be paid on September 4. The shares climbed 2.3pc to 147p.