Qinetiq secures €284m contract with German Armed Forces Procurement Office

1st Aug 2024 10:45

(Sharecast News) - Defence and security firm Qinetiq has secured an aerial training services contract with the German Armed Forces Procurement Office for the Bundeswehr, Air Force, Army, Navy and Special Forces.

Qinetiq said on Thursday that the contract was for ten years and was worth €284.0m, with an option for an additional two-year extension.

The FTSE 250-listed firm said it was the "largest and longest" contract award for its Global Threat Representation business, providing long-term visibility and enabling future growth for its German operations.

Chief executive Steve Wadey said: "In the current heightened threat environment, the award of the aerial training services contract demonstrates QinetiQ's commitment to ensuring the German Armed Forces are always operationally ready for their missions.

"The contract will form a crucial part of our Global Threat Representation offering across all domains. We are very proud of our highly skilled employees who will deliver thousands of flight hours of training per year for our customer."

As of 1130 BST, Qinetiq shares were down 0.29% at 481.80p.

Reporting by Iain Gilbert at Sharecast.com