Posted: Thu May 21, 2009 12:29 pm Post subject: QinetiQ cuts 400 jobs in the UK
Secret weapons tester QinetiQ Group is cutting 400 jobs in the UK despite a 22 percent hike in full-year profits, risking further confrontation with trade unions threatening strike action.
QinetiQ said it needed to cut jobs as part of a widespread review of its UK cost-base. The firm, formerly a government department, is suffering from declining revenues from Britain's Ministry of Defence (MoD) -- a key customer.
"The MoD's research budget is coming down in terms of value," Chief Executive Graham Love told reporters, adding that the company was trying to move more of its business into services and equipment upgrades to offset declines.
QinetiQ's revenue from MoD research was down 23 percent from a year earlier as the government opened more contracts to competition. The group is upgrading Chinook helicopters and training soldiers as well as testing weapons.
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