QinetiQ sees commercial business doubling to half of sales

Reuters

LONDON, Nov 21 (Reuters) - British technology firm QinetiQ said it expects commercial demand to make up half of itsbusiness in the next five years, up from a current 25 percentlevel, as the company battles declining defence budgets in theU.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 beyonddefence. In an ideal world, if you were prepared to take ahorizon in the next five years, i would see that ratio movingmore towards 50-50," Chief Executive Leo Quinn told Reuters onThursday.

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