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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Qinetiq Group Plc | LSE:QQ. | London | Ordinary Share | GB00B0WMWD03 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -1.20 | -0.35% | 340.00 | 339.40 | 340.20 | 344.20 | 339.60 | 340.80 | 214,714 | 12:24:54 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Security Systems Service | 1.58B | 154.4M | 0.2681 | 12.69 | 1.96B |
From Apr 2019 to Apr 2024
TIDMQQ.
RNS Number : 8623H
QinetiQ Group plc
13 June 2017
13 June 2017
QINETIQ GROUP PLC
Availability of Annual Report and Accounts 2017 and Notice of 2017 Annual General Meeting
QinetiQ Group plc has today published the following documents:
-- QinetiQ 2017 Annual Report and Accounts; -- Notice of 2017 Annual General Meeting; and -- Chairman's Letter to Shareholders.
The documents are available to view or download from the Company's website at www.qinetiq.com/investors.
In compliance with Listing Rule 9.6.1, copies of the above documents, together with a copy of the Form of Proxy for the 2017 Annual General Meeting, have been submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/NSM.
These documents are today being posted or otherwise made available to shareholders.
The 2017 Annual General Meeting will be held at 11.00 am on Wednesday, 19 July 2017 at the offices of Ashurst LLP, Broadwalk House, 5 Appold Street, London EC2A 2HA.
In compliance with paragraph 6.3.5 of the Disclosure Guidance and Transparency Rules, the information in respect of Principal Risks, Related Party Transactions and the Directors' Responsibility Statement, contained in the Appendix, is extracted from the Annual Report and Accounts and should be read in conjunction with the Group's preliminary results announcement of 25 May 2017 (the 'Preliminary Results') which can be viewed on the Company's website at www.qinetiq.com/investors. The information in the Appendix and the Preliminary Results together constitute the material required by DTR 6.3.5 to be communicated in unedited full text through a Regulatory Information Service. This is not a substitute for reading the full Annual Report and Accounts. Page and note references in the Appendix refer to page numbers and notes in the 2017 Annual Report and Accounts.
Enquiries:
Jon Messent - Company Secretary +44 (0) 1252 392000 Press Office +44 (0) 1252 393500 Ian Brown - Group Head of Investor Relations +44 (0) 7908 251123
APPIX
PRINCIPAL RISKS
Effective risk management is key to delivering our strategic objectives and realising our vision. The Board is accountable for effective risk management across the Group. Board-level oversight is discharged through two committees:
- Audit Committee: focuses on risks where the primary impact is financial; and - Risk & CSR Committee: focuses on risks where the primary impact is non-financial.
The reports of the Audit Committee and Risk & CSR Committee can be found on pages 59 to 65. Details of the Group's system of risk management and internal control can be found in the Corporate Governance statement on pages 54 to 58.
Risk appetite
The Board defines and reviews its tolerance of risk through establishing a clear risk appetite and setting appropriate delegations of authority to the executive and senior leaders. Risk appetite within QinetiQ focuses on those critical risk areas necessary to achieve our strategic goals. The risk appetite is articulated by defining three categories which describe the balance of scrutiny and mitigation activity against likely benefit or reward:
- Eager: Willing to consider all delivery options despite greater inherent risk and eager to be innovative.
- Balanced: Preference for delivery options that have a low or moderate degree of residual risk. Applying innovation only where successful delivery is likely.
- Cautious: Avoidance of Uncertainty with negligible or low residual risk. Applying innovation prudently where the risks are fully understood.
Commercial appetite
These three categories are then used within the context of the business strategy to define the Board's commercial appetite as:
Hot Features
Premium
Delivery/capabilities + Markets/Customers = Commercial
appetite
---------------------- ------------------ ------------------
Proven Existing Eager
---------------------- ------------------ ------------------
Proven New Eager/balanced
---------------------- ------------------ ------------------
New Existing Balanced
---------------------- ------------------ ------------------
New New Balanced/cautious
---------------------- ------------------ ------------------
Risk register
The Group Risk Register consists of material risks relating to effective delivery of our strategy. The Board recognizes that some risks may be affected by factors outside the control of the Company and also recognises that however good the risk management processes are they cannot provide absolute assurance and unknown risks may manifest without warning; the Company has processes in place to deploy appropriate management to such risks.
Strategic risks
UK defence International Innovation Transformation Recruitment
test and strategy strategy and retention
evaluation
strategy
Risk Risk Risk Risk Risk
------------------- ------------------- ---------------------- --------------------
UK Government Failure Failure The transformation The Group
budget to execute to sustain does not operates
constraints the international a culture result in many
lead to strategy. of innovation in change specialised
reduced or to that embeds engineering,
spending invest customer technical
in the adequately focus and scientific
core markets in, or and creates domains
in which create value where
the Group value from increased a lack
operates. from, innovation of domain-specific
EU exit our innovation and competitiveness. graduates
causes investment. leads
a loss to a future
of market skills
confidence shortage.
and reduction
in collaborative
EU funding.
------------------- ------------------- ---------------------- --------------------
Impact Impact Impact Impact Impact
------------------- ------------------- ---------------------- --------------------
A reduction Failure Negative An internal Key capabilities
in revenue to execute impact culture and competences
and associated this strategy on the which may be
profitability would Group's leads lost.
from the negatively market to sub-optimal The UK
Group's impact position, performance. workforce
T&E contracts. future competitiveness, has a
growth. and future skewed
growth. age distribution
which
creates
risk on
future
skills
shortage.
------------------- ------------------- ---------------------- --------------------
Mitigation Mitigation Mitigation Mitigation Mitigation
------------------- ------------------- ---------------------- --------------------
Positive The Group's Innovation Our way Implemented
stakeholder Integrated will be of working a talent
engagement. Strategic driven has been management
QinetiQ Business through designed review
monitors Planning cultural to support across
and responds process change, the delivery the Group
to potential is used investment of our to include
opportunities to articulate in, and strategy succession
arising clearly application to increase planning
from the strategy, of, our customer at Executive
MOD's appropriate core competences focus, Committee
actions objectives for our improve level
to deliver and metrics. customers' our competitiveness and ensuring
improved advantage and deliver our resourcing
value The Group in defence collaboration pipelines
for money has established and commercial across are focused
by making and is markets. the Company. on our
proactive investing critical
proposals in a new Leadership skills
that deliver International Internal Development for the
the desired business. Research training future,
customer and Development to upskill including
outcomes. (IRAD) teams Early
investment on how Careers.
process. to implement
a high-performance
culture.
------------------- ------------------- ---------------------- --------------------
Metrics Metrics Metrics Metrics Metrics
------------------- ------------------- ---------------------- --------------------
Customer All financial Customer Customer Employee
satisfaction KPIs satisfaction satisfaction engagement
All financial Employee Employee Apprentices
KPIs Engagement engagement and graduates
Metrics Transformation Voluntary
under scorecard employee
development turnover
as part
of CFO
review
IRAD investment
rate
------------------- ------------------- ---------------------- --------------------
Responsibility Responsibility Responsibility Responsibility Responsibility
------------------- ------------------- ---------------------- --------------------
Group Managing Group Chief Group
Director Director Director Financial Director
Business International Engineering Officer Human
Development & Operations Group Resources
Chief Director
Technology Human
Officer Resources
------------------- ------------------- ---------------------- --------------------
Risk appetite Risk appetite Risk appetite Risk appetite Risk appetite
------------------- ------------------- ---------------------- --------------------
Eager Cautious Eager Eager Balanced
------------------- ------------------- ---------------------- --------------------
Likelihood/Impact Likelihood/Impact Likelihood/Impact Likelihood/Impact Likelihood/Impact
------------------- ------------------- ---------------------- --------------------
Medium/High Medium/High Medium/High Medium/High Medium/High
------------------- ------------------- ---------------------- --------------------
Proximity/Velocity Proximity/Velocity Proximity/Velocity Proximity/Velocity Proximity/Velocity
------------------- ------------------- ---------------------- --------------------
2+yrs/Low 2+yrs/Low 1-2yrs/Low 0-1yr/Medium 0-1yr/Low
------------------- ------------------- ---------------------- --------------------
Operational risks
Single source Security Significant A material
contract and IT systems breach of element
regulations relevant of the Group's
laws and revenue
regulations is derived
from one
contract
Risk Risk Risk Risk
-------------------- -------------------- --------------------
Group performance A breach The Group The Long
is adversely of data operates Term Partnering
affected security, in highly Agreement
by application cyber attack regulated (LTPA) is
of the UK or IT systems environments a 25-year
Government failure and recognises contract
regulations could have that its to provide
for profit an adverse operations test, evaluation,
rates of impact on have the and training
contracts our customers' potential services
awarded operations. to have to the MOD.
without an impact UK Government
competition. on a variety budget constraints
of stakeholders. could lead
to a material
change to
the contract.
-------------------- -------------------- --------------------
Impact Impact Impact Impact
-------------------- -------------------- --------------------
The regulations Significant Failure The LTPA
could have reputational to comply directly
an adverse damage, with particular contributes
impact on as well regulations a material
the Group's as the possibility could result proportion
profitability. of exclusion in a combination of the Group's
from some of fines, revenue
types of penalties, and earnings.
government civil or
contracts criminal
resulting action,
in reduced suspension
orders, or debarment
revenue from government
and profit. contracts,
as well
as reputational
damage to
the QinetiQ
brand.
-------------------- -------------------- --------------------
Mitigation Mitigation Mitigation Mitigation
-------------------- -------------------- --------------------
QinetiQ Data security The Group In December
is supporting is assured has robust 2016, the
a joint through policy, Group signed
industry a multi- procedures a GBP1bn,
position layered and training 11-year
in the Single approach in place. amendment
Source Regulations that provides to the Long
Office (SSRO) a hardened The QinetiQ Term Partnering
consultation environment, Code of Agreement
of the Profit including Conduct (LTPA).
Rate methodology. robust physical defines The next
security clear expectations scheduled
The contract arrangements for the 're-pricing'
and orders and data Group and point for
pipeline resilience its employees. areas beyond
is regularly strategies. the amendment
reviewed Key areas is scheduled
to identify Information of focus for March
qualifying systems for the 2018.
contracts. are designed Group include
with consideration the following:
We will to single safety of
continue points of product
to focus failure and services;
on the efficient and comply health,
and effective with relevant safety &
delivery accreditation environmental;
of contracts standards. bribery
for the Cyber security & ethics,
benefit is monitored and international
of all stakeholders. using an trade controls.
internal
cyber dashboard.
-------------------- -------------------- --------------------
Metrics Metrics Metrics Metrics
-------------------- -------------------- --------------------
Customer All financial All financial All financial
satisfaction KPIs KPIs KPIs except
All financial Cyber dashboard Health & orders
KPIs Security safety Customer
dashboard Mandatory satisfaction
training LTPA as
compliance a % of total
Commercial Group revenue
intermediary
monitoring
-------------------- -------------------- --------------------
Responsibility Responsibility Responsibility Responsibility
-------------------- -------------------- --------------------
Chief Financial Group Director Company Group Director
Officer Engineering Secretary/Group Business
and Operations General Development
Counsel Group Director
Test & Evaluation
-------------------- -------------------- --------------------
Risk appetite Risk appetite Risk appetite Risk appetite
-------------------- -------------------- --------------------
Balanced Cautious Cautious Balanced
-------------------- -------------------- --------------------
Likelihood/Impact Likelihood/Impact Likelihood/Impact Likelihood/Impact
-------------------- -------------------- --------------------
High/High Medium/High Medium/High Medium/High
-------------------- -------------------- --------------------
Proximity/Velocity Proximity/Velocity Proximity/Velocity Proximity/Velocity
-------------------- -------------------- --------------------
2+yrs/Low 0-1yr/High 0-1yr/High 1-2 years/Low
-------------------- -------------------- --------------------
RELATED PARTY TRANSACTIONS
This statement is extracted from note 16 in respect of non-current investments which can be found on page 124 of the Annual Report and Accounts.
During the year ended 31 March 2017 there were sales to associates of GBP3.4m (2016: GBP3.2m). At the year end there were outstanding receivables from associates of GBP0.4m (2016: GBP0.4m).
DIRECTORS' RESPONSIBILITY STATEMENT
This statement is in compliance with DTR 4.1.12 and relates to and is extracted from page 95 of the Annual Report and Accounts and is signed by order of the Board by Jon Messent, Company Secretary. Details of the Board of Directors of QinetiQ Group plc can be found on pages 48 and 49 of the Annual Report and Accounts. Responsibility is for the full Annual Report and Accounts and not the extracted information presented in this announcement or in the Preliminary Results.
Responsibility statement of the Directors in respect of the Annual Report
The Directors in office as at the date of this report confirm that to the best of their knowledge:
-- the financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the company, and the undertakings included in the consolidation taken as a whole; and
-- the management report (which includes the Strategic report and the Directors' report) includes a fair review of the development and performance of the business, and the position of the company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACSFTMFTMBMBBBR
(END) Dow Jones Newswires
June 13, 2017 10:55 ET (14:55 GMT)
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