Though the Reg claims it's 'a report', everywhere else I checked the story referred to its as:
"An 18-month engineering, design and development project is being led by the UK Space Agency to deliver a technical assessment and schedule for a UK global positioning system that would provide civilian and encrypted signals and be compatible with the US GPS system."
So not at all 'a report'.
A technical study which seemingly involves very clever people playing about with various bits of technology. So a high-technology research project. With 'contracts' (Plural) being let, implying the possibility of multiple strands of research.
So, AC, I agree - "Come on reg, you're meant to be journalists".