LONDON — Undaunted by a potential slowdown in the British defense sector post the May 7 election, Raytheon UK CEO Richard Daniel says he is looking to export markets to help offset what could be a difficult time domestically.
“About half of my business is already export, but we are looking for further international growth and a lot of my team will be focused on overseas markets,” he said.
Cybersecurity, Paveway IV precision-guided bombs and special mission aircraft modifications are among upcoming export opportunities mentioned by Daniel in an interview on the eve of his first anniversary as the Raytheon UK boss.
Raytheon UK generates revenues of around £400 million (US $595 million) a year. It’s a business covering four main activities: weapons; intelligence, surveillance and reconnaissance; special mission aircraft modifications; and most recently cyber.
Despite the threat of a slowdown over the next 12 months, local opportunities exist, Daniel said.
The British executive said he is focusing here on a growing cyber presence, securing an identification-friend-or-foe (IFF) deal and contracts to replenish weapons used against Islamic State militants in Iraq to help keep the company moving forward on the home front over the coming months.
“Domestically it’s going to be a difficult time, and my worry is how much indecision there will be as a result of going through the strategic defense and security review,” Daniel said. “People will naturally hold off, it’s going to slow down some of the big decisions, it’s going to be a difficult time.”
Howard Wheeldon of Wheeldon Strategic Advisory said he is more worried about the long-term problems than any indecision caused by the security review process itself.
Read More:Raytheon UK Spies Opportunity in Exports.