QinetiQ is proving to be a combative force

By Ruth Sunderland
Updated: 16:58 EDT, 26 May 2011

QinetiQ has moved back into profit, helped by sales of high-tech netting that protects combat vehicles from attack.

Leo Quinn, the defence firm’s chief executive, joked that he would award himself 20 marks out of 10 for the firm’s progress, halfway through a two-year ‘self-help’ plan to transform its fortunes.

Company doctor Quinn, unveiling annual profits of £26.6million from a £66.1million loss last time, said he has almost halved the debt and re-instated a dividend of 1.6p a share.

Halving debts: Chief executive Leo Quinn unveiled annual profits of £26.6m

QinetiQ, up 3.5p at 115.5p, admits it is unlikely to replicate the sales of the QNET netting, which pushed global product revenues up 66 per cent.

But Quinn has high hopes for its SWAT sniper detectors, worn on a soldier’s shoulder, and for its robot controller that allows machinery to be operated without a human driver. 

It is currently being used in the clean-up at the Fukushima nuclear plant in Japan. In the next phase of his plan, Quinn will concentrate on driving through further efficiencies and on streamlining the group’s businesses, with the sale of non-core operations.

He is looking to invest in areas such as cyber-security and simulated training, so the military can prepare for landings and attacks using TV and computer technology, rather than carrying out expensive dry runs.

More on QinetiQ at thisismoney.co.uk/qq