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View Annual Report QinetiQ Group plc QinetiQ Group QinetiQ Group plc Annual Report and Accounts 2008 Annual Report and Accounts 2008 Annual Report and Accounts Inspired solutions for a changing world today’s big problems demand inspired solutions. At QinetiQ, we provide research, technical advice, technology solutions and services to customers in core markets of defence and security. we are increasingly working to transfer our expertise and capabilities into adjacent markets such as energy and environment. we operate principally in the uK and north America and have recently entered the Australian defence consulting market. oveRvIew BusIness RevIew GoveRnAnce FInAncial stAtements shAReholdeR InFoRmAtIon Inside flap 11 50 69 122 Our business at a glance Group trading performance Our Board of Directors Independent Auditors’ Report Five-year review 01 13 52 70 123 Performance overview QinetiQ North America Corporate Governance Consolidated income Glossary Report statement 02 23 124 Chairman’s statement QinetiQ EMEA 58 71 Financial calendar Report of the Remuneration Consolidated balance sheet Analysis of shareholders 04 35 Committee Advisors Chief Executive Officer’s QinetiQ Ventures 72 review 65 Consolidated cash flow 39 Report of the Directors statement 05 Other Group Our vision financial information 68 73 Statement of Directors’ Consolidated statement 10 42 responsibilities of recognised income Key performance indicators Management of principal risks and expense and uncertainties 74 45 Notes to the financial Corporate Responsibility statements 119 Company balance sheet 120 Notes to the Company financial statements Company Registration Customer Contact Team Tel +44 (0)8700 100 942 Number 4586941 www.QinetiQ.com QinetiQ Registered office: Cody Technology Park © QinetiQ Group plc 85 Buckingham Gate Ively Road, Farnborough QinetiQ/CF/SS/PUB0800017 London Hampshire GU14 0LX SW1E 6PD United Kingdom QinetiQ Group plc Annual Report and Accounts 2008 QinetiQ Group plc QinetiQ Group QinetiQ Group plc Annual Report and Accounts 2008 Annual Report and Accounts 2008 Annual Report and Accounts Inspired solutions for a changing world today’s big problems demand inspired solutions. At QinetiQ, we provide research, technical advice, technology solutions and services to customers in core markets of defence and security. we are increasingly working to transfer our expertise and capabilities into adjacent markets such as energy and environment. we operate principally in the uK and north America and have recently entered the Australian defence consulting market. oveRvIew BusIness RevIew GoveRnAnce FInAncial stAtements shAReholdeR InFoRmAtIon Inside flap 11 50 69 122 Our business at a glance Group trading performance Our Board of Directors Independent Auditors’ Report Five-year review 01 13 52 70 123 Performance overview QinetiQ North America Corporate Governance Consolidated income Glossary Report statement 02 23 124 Chairman’s statement QinetiQ EMEA 58 71 Financial calendar Report of the Remuneration Consolidated balance sheet Analysis of shareholders 04 35 Committee Advisors Chief Executive Officer’s QinetiQ Ventures 72 review 65 Consolidated cash flow 39 Report of the Directors statement 05 Other Group Our vision financial information 68 73 Statement of Directors’ Consolidated statement 10 42 responsibilities of recognised income Key performance indicators Management of principal risks and expense and uncertainties 74 45 Notes to the financial Corporate Responsibility statements 119 Company balance sheet 120 Notes to the Company financial statements Company Registration Customer Contact Team Tel +44 (0)8700 100 942 Number 4586941 www.QinetiQ.com QinetiQ Registered office: Cody Technology Park © QinetiQ Group plc 85 Buckingham Gate Ively Road, Farnborough QinetiQ/CF/SS/PUB0800017 London Hampshire GU14 0LX SW1E 6PD United Kingdom QinetiQ Group plc Annual Report and Accounts 2008 QinetiQ Group plc Annual Report and Accounts 2008 QinetiQ Group plc Annual Report and Accounts 2008 Our business at a glance Our business at a glance continued Our business at a glance We create value by delivering inspired solutions to the important problems faced by business, governments and society, utilising our extensive experience, skills and capabilities in the field of science and technology. QinetiQ North America QinetiQ EMEA QinetiQ Ventures QinetiQ Ventures is the pipeline through which we manage our portfolio of emerging technologies, providing new solutions and services for the future. QinetiQ generates Intellectual Property (IP) from customer-funded research and development work and other services provided to our core defence and security customers. In certain circumstances, this IP is available for use in alternative applications outside our core markets. QinetiQ unlocks value from IP through routes including organic growth, partnering with third parties, IP licensing and business realisations. Key points from 2008 n Creation of a new technology venture fund with Coller Capital to accelerate the development and realisation of seven of QinetiQ’s venture investments n Development of a high-power camera system which enhances the capability of the Tarsier® runway foreign object debris detection system. QinetiQ North America has quickly established EMEA (Europe, Middle East and Australasia) itself as a major provider of technology-based 40% is focused on providing services to the defence, 60% solutions and services to customers primarily £540.2m security and energy & environment markets. £820.1m within the US Government. Our employees work Share of 2008 Group revenue Operating in these sectors requires our employees Share of 2008 Group revenue Designed and produced by salterbaxter in partnership with our customers to develop to adapt their capabilities to meet the changing world-class technology and responsive solutions needs of our customer base, particularly as we Picture credits: Feature photography: Liam Bailey (UK), Eric Anderson (US) that meet the challenges of national defence, 41% move into new territories such as Australia. 58% Board photography: Patrick Harrison homeland security, communication and 5,699 8,209 p25 airport ©iStockphoto.com/ALiJA information access. p25 arrivals board ©iStockphoto.com/Jorgen Udvang Number of employees Number of employees p33 test munition: MOD p34 well perforation: GeoDynamics p36 James Brown: Paul Drane Our core capabilities Key points from 2008 Our core capabilities Key points from 2008 p36 laptop: Getty/Sean Russell p37 plane landing on runway: Getty/Noeru Takizawa Technology Solutions: Delivering high-technology research n Continued growth in technology business fuelled by demand Managed Services: Work on behalf of clients delivering n Growth in services delivered to UK MOD – revenue up 2.5% p38 satellite ©iStockphoto.com/Cristian Matei services and development of defence and security-related for the Talon® robot independent expertise to enable them to meet their challenges n Restructuring to align business on four focused p49 Morgan car: Morgan products to the US defence, civilian government and n Strong organic growth in Systems Engineering Consulting: Technical advice provided by high-quality consultants offerings to drive growth: Managed Services, Consulting, p49 rubbish heap ©iStockphoto.com/Roger Milley commercial markets. with deep technical knowledge and domain experience Integrated Systems and Applied Technologies n Successful integration of 13 acquisitions since 2004 and the Printed by St Ives Westerham Press Systems Engineering: Providing independent procurement development of a trusted QinetiQ brand in North America Integrated Systems: Supplies integrated systems, sub-systems or n Restructuring designed to provide sustainable margin services, systems engineering, education/training and support n technology to meet the specific challenges our customers face improvement through business efficiency Printed on Hello Matt, which is produced using wood fibre from fully sustainable for the development, modification, fielding and sustainment Positions established on major acquisition contracts including EAGLE and ENCORE II and selection for Alliant with their information, mission or platform solutions n Reconfirmed our position as a trusted supplier of defence forests in Europe, Canada, the USA and Chile, with FSC certification. All pulps used of military equipment. are Elemental Chlorine Free (ECF) and manufactured at a mill that has been awarded n Scale and brand recognition leading to larger contract wins, Applied Technologies: Delivers a range of solutions to managed services through agreement of the scope IT Services: Providing information technology services, our customers’ toughest problems through the repeatable and pricing of the second five-year term of the 25-year the ISO 14001 and EMAS certificates for environmental management. The use of the such as for the $190m NASA environmental test and integrated FSC logo identifies products which contain wood from well-managed forests certified including computer systems integration, network engineering application of technology, fuelled by research. MOD Long-Term Partnering Agreement (LTPA) and progression and operations, IT architectures and software development. services (ETIS) programme and the $100m US Army Sample in accordance with the rules of the Forest Stewardship Council. Data Collection programme. of the UK Defence Training Rationalisation (DTR) bid Mission Solutions: Delivering software, enterprise systems n Commenced geographic expansion in selected overseas
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