Chief Executive Officer's statement: Steve Wadey

Creating the conditions to sustain and grow

As a leading science and engineering company operating primarily in the defence, security and aerospace markets, QinetiQ analyses and anticipates how global security threats are evolving.

QinetiQ will innovate and invest carefully to grow its market share and sources of revenue.

Responding decisively to a changing market environment

The world around us is changing. Day by day we witness increasing global security threats both at home and abroad. We also see government budgets continuing to be under pressure. Customers are looking to achieve more with less and demanding better value for money. This requires greater efficiency, innovation and collaboration both domestically and with international partners. We recognise that staying the same will not be good enough in a changing world.

As a company we have a solid foundation to build on, because our core competences are well matched to emerging themes in our markets. We have considerable breadth and depth of knowledge and capability that we can deliver for our customers, particularly in test and evaluation, and science and technology. Not only are our people critical to sovereign capability, we are also experienced in delivering more for less and responding to new challenges through innovation in services, products and business models. Last year our customer satisfaction scores remained strong at more than eight out of ten. Customers have requirements we can meet if we remain sufficiently agile and responsive to connect their requirements with the strength and depth of our core technical and engineering competences.

Our vision and strategy

We have established an ambitious vision that defines where we want to be in five to ten years’ time, building on our strengths.

Our vision is: “to be the chosen partner around the world for mission-critical solutions, innovating for our customers’ advantage”.

To realise our vision, we are implementing strategic priorities designed to grow the company by focusing on our primary UK customer, on international customers and on innovation.

Transforming our way of working

We are embedding a new way of working to align the organisation with our strategy and ensure we are agile and responsive in meeting customer needs. We have also launched a transformation programme to deliver the key changes that we need to put in place as a company to achieve growth, in particular the dynamic resourcing of people and assets from across QinetiQ to deliver better value for money and a more efficient service for our customers.

Improving customer focus and competitiveness are our immediate priorities. The savings we deliver through improved efficiencies and greater agility will ensure we remain one step ahead of the competition and also create the headroom so that we can invest in our future. This will allow us to invest carefully in research and development, improve skills and processes, take and manage risk more effectively on our customers’ behalf, and pursue campaigns to grow the company.

Delivering benefits to our key stakeholders

Although market headwinds are strong, by working together and encouraging our people’s entrepreneurial spirit, we are creating a customer-focused, collaborative and competitive environment in order to deliver growth. Our customers will benefit through better products and services, increased responsiveness and improved value for money. Our employees will benefit through greater opportunities to work in integrated teams, utilising their expertise across multiple domains throughout QinetiQ. Over the medium term we expect our shareholders to benefit through growth in quality earnings as we realise our vision and deliver our full potential.

The world around us is changing. We are responding decisively by establishing a vision and strategy for QinetiQ to ensure we continue to meet customer needs. We have reorganised the Group, introducing a way of working which aligns the organisation with our strategy, and launched a transformation programme to deliver the changes we need to make as a company. The model below sets out our plan to adapt and deliver in a changing world.

Common themes across our markets

Increasing security threats
Government budgets under pressure
Drive for greater efficiency
International partnerships
Need for innovation

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