QinetiQ Group plc - who's arming with them?

You have to view QQ as a takeover target due to their close association with the MoD and the exclusivity of some of their activities. Given the European Aerospace/Defence industry is going through significant restructuring, not least consolidating, and the fact QQ is a relatively small cap. (2nd tier) company it's not hard to imagine a takeover. QQ also has some interesting activities in North America which could bring in significant new business and especially now the US is reviewing its procurement policy to the detriment of non-US suppliers, QQ could be seen as a gateway for a European company without a US presence (although are there any left?).
Throw in the fact that national security/defence is the hot topic (needing ever more sophisticated electronics) and that fact the QQ do already make a reasonable profit, if they can hang on to their expertise as well as succession plan for the future, QQ are well worth a punt with very little risk. Probably, the main threat is that QQ can't develop and grow the business fast enough and they become another tired, lumbering unattractive Aero/Def. contractor.