Doug Webb, QinetiQ's chief financial officer, points to acquisitions in America, giving QinetiQ's core defence business access to a far bigger market, and to increases in operating efficiency.

ECONOMIST: QinetiQ

The BBC's Steve Rosenberg, in Moscow, says that in the six years that Mr Serdyukov was defence minister, he tried to reform Russia's outdated armed forces by cutting costs and personnel and by boosting efficiency.

BBC: Russian Defence Minister Anatoly Serdyukov fired by Putin