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Asia - Other | Britain/U.K. | Corporate Financials | Daily Rapid Fire | Europe - Other | India | Middle East - Other | Saudi Arabia

Qinetiq Eager to Turn the Page After Divestiture of US Services

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* Qinetiq announced sales for the year ended March 31 2014 that were down by 10.3% to £1.2B ($2B). Growth in the UK and the rest of Europe was not nearly enough in absolute terms to compensate for a tough Y/Y comparison in the US. Theirs is a cautionary tale for foreign companies giving the US defense market a shot: “QinetiQ’s disposal [announced last month – FT link added by DID] of its US Services division removes the Group’s exposure to the US federal services market. US Services was not delivering on its role in the portfolio which was to grow profitably by building market share, because it was too small to generate significant economies of scale, but too large to benefit from US government small business set-aside initiatives.” Middle East * Spanish King Juan Carlos recently traveled to Saudi Arabia where a security agreement was signed between the 2 countries. Spain’s Navantia is competing with US and French firms for a potential frigate sale there. Jane’s | EFE | La Voz Digital [both in Spanish]. * While the OPCW says there’s no sign Syria is handing over remaining chemical weapons, China and Russia vetoed a UN resolution to submit […]

* Qinetiq announced sales for the year ended March 31 2014 that were down by 10.3% to £1.2B ($2B). Growth in the UK and the rest of Europe was not nearly enough in absolute terms to compensate for a tough Y/Y comparison in the US. Theirs is a cautionary tale for foreign companies giving the US defense market a shot:

“QinetiQ’s disposal [announced last month – FT link added by DID] of its US Services division removes the Group’s exposure to the US federal services market. US Services was not delivering on its role in the portfolio which was to grow profitably by building market share, because it was too small to generate significant economies of scale, but too large to benefit from US government small business set-aside initiatives.”

Middle East

* Spanish King Juan Carlos recently traveled to Saudi Arabia where a security agreement was signed between the 2 countries. Spain’s Navantia is competing with US and French firms for a potential frigate sale there. Jane’s | EFE | La Voz Digital [both in Spanish].

* While the OPCW says there’s no sign Syria is handing over remaining chemical weapons, China and Russia vetoed a UN resolution to submit the Syrian situation for consideration to the International Criminal Court (ICC).

Sub Engines

* The Local explains the recent surprise raid by Sweden’s FMV on ThyssenKrupp offices in Sweden. Possession may not be 9/10ths of the law, but it is the best place to start negotiations. The Stirling AIP would equip Sweden’s next submarines, may be part of Australia’s next subs, and already equips serving subs that include Japan’s Soryu Class.

If you want to change the world, start off by making your bed

* USSOCOM Commander Adm. William H. McRaven gave a good commencement speech at UT Austin, his alma mater: video, transcript.

Asia / Pacific

* Reuters: Thai army takes power in coup.

* South Korea is complaining that this week’s joint naval exercise by China and Russia overlaps Korea’s air defense identification zone.

* US Navy Chief of Naval Operations Admiral Greenert was recently at the CSIS think tank for yet another discussion about the rebalance to the Pacific, where he said he’d like to revive a strong partnership with India’s navy. Video below:

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