Qinetiq secures ?1.3bn contract with MoD

(Sharecast News) - Defence technology group Qinetiq has secured a contract with the Ministry of Defence to modernise 16 of the UK's critical defence facilities.The company said on Friday that the amendment to the Long Term Partnering Agreement - a 25-year contract under which Qinetiq provides experimentation, test, evaluation and training support to the MOD - secures £1.3bn of revenue until the end of March 2028.Qinetiq said the amendment creates "highly efficient" new ways of working, saving £85m of taxpayers' money, and enables the company and the MoD to invest £190m in modernising the infrastructure, equipment, and working practices across all 16 MoD-owned sites.Chief executive Steve Wadey said: "Today's agreement enhances our contribution to the safety and operational effectiveness of UK armed forces in an era when threats to our security remain acute and are changing rapidly."In line with our strategy, we are introducing innovative ways of working and making selective investments to reinforce the UK's position as a world-leader in the generation and assurance of military capability. This will enable us to support the MOD's future programmes and win more work from both UK and international customers."Defence Secretary Gavin Williamson said: "Ensuring our cutting-edge equipment is tried and tested before it is sent to the frontline is crucial to our military's capability."This £1.3bn investment will not only guarantee our Armed Forces' have the reliable, state-of-the-art weaponry they need, but will also support jobs across the nation."At 1445 BST, the shares were up 1.6% to 306.20p.