QinetiQ is formed as a private company in 2001 after the decision of Ministry Of Defense (MOD) about the spilt of Defence evaluation and Research agency (DERA). Excluding Defence Science and Technology Laboratory unit, MOD separated all the other DERA’s functional units as a…
The company holds a business portfolio of military weapons and systems within mode of travelling including land, air and sea (QinetiQ, 2015b). According to QinetiQ (2014), the revenue of the company has been decreasing since 2011 such as 10.3% to £m 1191.4 and with net loss of £m12.7 in 2014. The reason is reduction in the expenditure of UK on defence equipment by 20% from 2007 and also other parts of the world (Clancy, 2014).
Global company has major share in UK and USA. QinetiQ is considered for the assessment of performance and risk management due to its declining performance over last three years. Also the assessment of risk and risk management performance of the company will be reviewed.
“Organic-plus” strategy drives QinetiQ’s with considering customers, people, innovation and productivity as core drivers (QinetiQ, 2014). Reported below financial trends of key indicators depicts continuous decline in performance (QinetiQ , 2014):
The industry added value to the Europe via achieving turnover of 197.3 billion Euro in 2013 with the growth rate of 5.6% from military and civil sector (ASD, 2013). While, the information graphic report of Deloitte (2014), maintained that there will be decline in the Defense sector’s revenue while and increase in commercial sector is forecasted for future. It is anticipated that by 2023, commercial production level of aircrafts will witness 25% growth (Deloitte, 2014). CSC, however; forecasting challenges and only moderate growth near in the future (CSC, 2015).
As depicted by the industry trends discussed above, the industry is highly flourished and developed with huge industry players base that fierce the competition level of the industry. Being the 6th largest in UK and operating in global environment the company possess a huge base of competitors including local and global players. According to Morningstar, direct competitors of QinetiQ are United technologies corp. and Boeing Co (Morning Star, 2015). However, ...
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