HC Deb 26 May 2004 vol 421 c1695W
Llew Smith

To ask the Secretary of State for Defence if he will make a statement on the balance of benefits and detriments arising from the sale of QinetiQ. [173858]

Mr. Ingram

In February 2003, the Ministry of Defence sold a minority equity interest in QinetiQ to the Carlyle Group as a first step towards preparing the company for a future flotation on the stock market. QinetiQ's Annual Report and Accounts, due to be published in the next few months, will set out the performance of the company in its first full year under these arrangements. The Ministry of Defence as both owner and principal customer of QinetiQ has benefited from the investment of private sector resource in the company which this public private partnership has enabled.