QinetiQ sign deal with Japanese forces

Hampshire based firm QinetiQ have signed a contract with the Japanese ground defence forces to provide material for target training.

The agreement will see the Japanese military use unmanned aerial targets for anti-aircraft firing training.

This is the first time QinetiQ has sold aerial targets to Japan. apst deals have saw the company provide Barracuda maritime targets to both Japan’s Maritime and Air Force.

Qinetiq, who have a hub in Farnborough signed the contract with the Japan Ground Self-Defense Force (JGSDF), who are responsible for land warfare in Japan.

The deal will see QinetiQ set the program for the customer’s aerial targets being operated for anti-aircraft firing training, through the delivery of the Banshee Jet 80+, logistics support, spare parts and other related consumables for the Banshee target.

The operation of the targets for anti-aircraft firing training will start in the summer of 2023.

The deal continues the company's strong operational fourth quarter performance. Full financial results are expected to be announced in late May.

The group announced they expect results for the full year to 31 March 2022 to be marginally ahead of our previous guidance and current market consensus expectations.

A Qinetiq spokesperson said: "Full year order intake has been very strong at more than £1.2bn and, subject to audit, we expect to deliver c.5% revenue growth on an organic basis with underlying operating profit of at least £135m. Operating cash flow has been excellent and we retain a strong balance sheet with net cash at 31 March 2022 of c.£225m.

Steve Wadey, Group Chief Executive Officer: “I am extremely proud of how our people have continued to deliver critical defence and security capabilities for our customers, despite the ongoing challenges of the pandemic.

"Recent world events have reinforced the long-term needs of our customers, including capabilities utilising differentiated technology, test and training solutions which are directly aligned with our strategy.

"With a clear focus on disciplined execution of our strategy, increasing demand for our solutions and good revenue coverage, we have positive momentum to deliver sustainable growth in the coming years and are maintaining expectations for Group performance.”

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