Times of geopolitical crisis tend to spell good fortune for the firms developing technology to shore up the world’s militaries.
Last month, Chancellor Rachel Reeves pledged an additional £2.2bn to the Ministry of Defence, alongside a pledge to dedicate a minimum of 10% of the department’s budget on “novel technology”, suggesting a windfall for the sector’s private companies.
Here are Britain’s biggest defence tech companies
BAE Systems
Valuation: $60.8bn
Not just the largest defence business in the UK, BAE Systems became Britain’s biggest manufacturer as of 2017, the largest defence contractor in Europe and the seventh largest in the world by revenue.
The FTSE-100 constituent is a major supplier for international defence departments from the US to India to Saudia Arabia. The company’s products include combat vehicles for land, sea and air, GPS technology and vehicle electrification.
QinetiQ
Valuation: $2.9bn
Formed initially as part of the Defence Evaluation and Research Agency (DEFRA) within the Ministry of Defence, QinetiQ has become one of the largest private defence businesses in the country.
The Hampshire-based firm is a leading supplier of unmanned aerial targets for training exercises, develops advanced laser technology and automated robotics and provides communication security services.
Serco
Valuation: $2.1bn
Originally founded as a UK division of the Radio Corporation of America in 1929, the company provided engineering services to the British and allied governments for decades before a controversy concerning inaccurate records and overcharging government departments prompted a restructure combining its European and British operations.
Serco is a major subcontractor for Airbus Defence and Space, provides fleet support to UK naval bases, maintenance for missile systems as well as engineering services for non-defence departments.
Cohort PLC
Valuation: $726m
Formed in 2006, AIM-listed Cohort PLC is the parent company of seven defence businesses. Reading-based Cohort’s subsidiaries include surveillance firms Chess and MCL, naval communications provider EID, sonar supplier ELAC, satellite communications producer EM Solutions, defence data tech group MASS and water-based transportation tech SEA.
ALL.SPACE
Valuation: $264m
Founded in 2013 as Isotropic Systems, ALL.SPACE specialises in multi-link satellite communications. The company has delivered contracts for the UK Space Agency, European Space Agency and the defence departments of the UK and US.
The company is known for its jamming and interference-resistant HYDRA series of terminals used for communications in critical missions.
Hadean
Valuation: $150m
Primarily a business developing metaverse architecture, London-based Hadean last year entered into a contract with the UK Ministry of Defence to create virtual training simulations for military operatives.
The company has previously been backed by Epic Games – the video game developer behind Fortnite and Gears of War – and Chinese investment giant Tencent.
Adarga
Valuation: $138m
A Bristolian AI intelligence firm, Adarga provides software for security agencies. The group’s Vantage platform extracts and contextualises vast amounts of information for threat detection, intelligence analysis and strategic decision-making.
Founded in 2016, the company raised around £30m from a Series A investment that closed in 2023 and this year secured a £12m grant from the Ministry of Defence.
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