QinetiQ sees commercial business doubling to half of sales

LONDON, Nov 21 (Reuters) - British technology firm QinetiQ said it expects commercial demand to make up half of its business in the next five years, up from a current 25 percent level, as the company battles declining defence budgets in the U.S. and Europe.

QinetiQ, the Ministry of Defence's former research arm, currently generates 75 percent of revenues from defence markets, with the remaining from commercial customers.

"Our strategy really defines a growth portfolio beyond defence. In an ideal world, if you were prepared to take a horizon in the next five years, i would see that ratio moving more towards 50-50," Chief Executive Leo Quinn told Reuters on Thursday.