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The UK Ministry of Defence has sold the remainder of its shares in international aerospace and defence group QinetiQ. Over 124 million shares were sold at a price of £2.06 each, completing the final stage of the company’s privatisation, raising £257.3 M for the UK taxpayer.
In February 2006, QinetiQ Group plc was listed on the London Stock Exchange. In the year to 31 March 2008, the Group delivered a 19 percent increase in revenue to £1,366 M, including organic growth of 8.6 per cent, and a 20 per cent increase in underlying operating profit to £127 M.
QinetiQ is an international defence and security technology company with over 8,000 employees in Europe, the Middle East and Australasia and over 5,500 in North America. The company’s vision is to be the world’s leading provider of defence and security-based technology solutions and services.
Commenting on the sale, Sir John Chisholm, QinetiQ non executive chairman, said, “The MoD’s sale of QinetiQ shares is consistent with its previously stated intention that it would sell its entire holding of ordinary shares. Our commercial relationship with the MoD is unaffected by this sale. The MoD retains its special share in the company which has no economic value but, in common with other privatised companies with strategically important roles, allows the Government to protect the national interest.”