Qinetiq, the UK defence group formed out of the Ministry of Defence’s former research laboratories, said it would continue to be acquisitive in the US and Australia after reporting a 34.5 per cent jump in interim underlying operating profits.

It also said it would cut out up to 400 jobs, some 5 per cent of its UK workforce, as it restructures its 100 business operations in the UK into four lines: consulting and advice, managed services, technological solutions and products.