StockMarketWire.com - Defence technology company QinetiQ said it had acquired intelligence and law enforcement software company Naimuri for £25m, even as it weathers tougher trading conditions due to the Covid-19 crisis.

QinetiQ said although its order intake in the first quarter of its financial year 'continued to be strong', revenue and profit had been been impacted by lockdowns.

The company said cost cutting had reduced the impact on profitability and helped deliver a 'strong' cash performance.

'As we have stated previously, due to the on-going uncertainty of the Covid-19 crisis around the world, we will provide guidance for group performance as soon as possible to do so,' it added.

QinetiQ said it had seen limited impact from the pandemic on its Europe, Middle East and Africa services division, which was benefiting from long-term contracts and work critical to sovereign defence capabilities.

Some customer trials and training activity had, however, been delayed causing impacts such as reduced flying hours in Germany; however, much of that activity was now resuming.

The global products business, meanwhile, had experienced more significant disruption, causing delays to customer deliveries, which were beginning to resume.

On the acquisition, QinetiQ said it partnered with Naimuri on several critical programmes delivering mission-led innovation around data-intensive challenges.

'We will invest and build upon Naimuri's strong capabilities in data analytics, data intelligence and agile software development to meet customer needs and drive growth in both the security and defence sectors,' the company said.




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