Qinetiq Share Discussion Threads

[zeppo] 14/11/2010 19:45

Fingers crossed for Thursday.

Hope it's not fingers burned.

Has the new CEO, after causing great pain to many employees, started to turn the company round?

z

[matgyy] 14/11/2010 17:06

interim Results Thursday 18 November

[pseudosphere] 09/11/2010 16:39

At least it's currently a double-digit penny share - for now at least.

[wad collector] 08/11/2010 20:57

Became a penny share today.

[hvs] 03/11/2010 17:56

90p here we come.

[mw] 03/11/2010 17:04

Drop today presumably reflecting downbeat reaction to Cobham's results?

[wad collector] 02/11/2010 17:57

Err...the current employment situation is not one that many people will be jumping around in by choice.

[amrim5] 27/10/2010 15:37

This firm is going to have future recruitment problems in relation to Senior Scientific Staff, following their disgraceful treatment of the Scientists in the current redundancy situation. Moral: never join a US led company if you are looking for equitable treatment. Current P&L is all and they shed valuable human assets without an apparent thought for the future, but the tightly knit circle of world scientists do talk and have long memories!
Not a share that I would touch with a bargepole even at current prices. Much as I love making money, I do have SOME ethics left!

[yoyoy] 20/10/2010 09:00

Sounds as if it was a political award for Wales in the first place

[wad collector] 19/10/2010 20:30

It seems amazing that the share price has gone up today.That DTR contract was massive and long.I guess the market had already discounted it as discussed last month.BAE share price hasn't been hit that badly either today - despite some serious contractl losses.Where now?

[selborne_edge] 19/10/2010 20:26

As a resident of Bordon, I am hopeful that we shall not lose the Army engineers. The trainees always look so happy driving around in their little tanks.

[dr darkstar] 19/10/2010 16:44

///////////////////////

[clubman] 19/10/2010 15:01

This stock was 15% down earlier now up strange one.

[pseudosphere] 19/10/2010 12:33

Article on BBC Website regarding DTR termination:

[etome] 19/10/2010 11:31

Oh dear...


MOD terminates Package 1 of the Defence Training Review Programme (DTR)

Following the Secretary of State's announcement today, QinetiQ confirms that it has been advised by the Ministry of Defence (MOD) that the procurement for Package 1 of the DTR programme is to be terminated with immediate effect. The MOD has stated that it believes that commercial and financial close, scheduled for March 2011, cannot be achieved within the prescribed period and the project is unaffordable. As a consequence, the MOD has concluded it is necessary to terminate the DTR procurement and Metrix's appointment as preferred bidder.

The MOD has confirmed that it intends to examine a range of alternative proposals for the rationalisation of defence training. These will consider how training may be delivered in the future from a Defence Technical College and St Athan in Wales will continue to be an option for its location. The MOD will commence work on alternative options as soon as possible.

Since the appointment of Metrix as preferred bidder in 2007, QinetiQ has incurred costs of GBP37m which to date have been capitalised on the balance sheet of the Group. We expect to write off the capitalised costs as an exceptional item and the QinetiQ Board's expectations of Group underlying performance for the year remain unchanged by this.

Commenting on today's announcement, Leo Quinn, Chief Executive said: "We are disappointed by today's news, but believe that the principles behind the programme remain unchanged. We look forward to discussing alternative solutions with the MOD for providing consistent high quality training across the Forces in a way which delivers value for money within the current budgetary constraints."

[hazelton] 10/10/2010 07:31

I knew of one of these people some years ago. They often went back as contractors as there is not a huge pool of people who know the detailed technical stuff. It dreadfully sad , you just lose the capability in the end. In twenty years time we cannot point to housing estates to show the world how well we are capable of doing.

[pseudosphere] 09/10/2010 18:04

At the Malvern site, where 260 jobs are to go in the current redundancy exercise, the consultation period for 70 of these employees has been extended until November 18. Of the remaining 190, a large number are being issued with compulsory redundancy notices. It is the intention of QinetiQ to try and develop part of the site for 300 new houses. Forget science, invest in bricks!

[zeppo] 08/10/2010 11:46

Interims 18th November.

Many employeees still being warned that their jobs are 'under threat'.
Many redundancies have already gone through.

I do not believe that all contract successes(or failures) are announced as they happen.

Que Sera Sera.

z

[wad collector] 28/9/2010 18:02

As you say.Wonder how much behind the scenes haggling is reducing the potential profits if St Athans stays.

[mw] 27/9/2010 10:49

Also see



- not quite as negative, but who knows?

[mryesyes] 15/8/2010 05:32

My point was not about redundancy payments to QQ staff, I went on a tangent about MOD staff. However am pleased to see our company is responsive to coalition thinking on this, and it shows QQ can see its umbilical being cut and that it can only pay low severance. BTW you talk as if people joining in 2001 joined like yesterday. I guess from this all but the kids have been on the QQ/MOD/Defra merrygoround for over 10 years.
There are no (new) profitable new contracts for QQ, the US work was not profitable it just used our resources. The MOD is our only client that can keep us going as we are in Hampshire.
Its easier to make redundancies and keep our pensions quiet, in an ideal world we would go back to those who made millions from the flotation that we all love and hate but they are already getting the pension, and badged up from service
New broom £1 is not the bottom IMHO, may even go under and Cameron buy back our facilities

[wad collector] 14/8/2010 22:21

Blimey ,this is dipping,what happened to all those big fat DTR contracts?

[pseudosphere] 14/8/2010 15:06

mryesyes

Your figures for redundancy payments from QinetiQ are way out of date. Following the results of a ballot of union members on 24/06/2010 the terms for redundancy starting from 01/07/2010 were slashed. The new figure, assuming an additional payment in lieu of notice (12 weeks), for the example you give of an ex-DERA member of staff with 15 years service, is £31250! For staff joining after 01/07/2001 the terms are even worse: 2 weeks pay per year of service + payment in lieu of notice. I can supply a breakdown of how the above figure was derived on request.