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QQ. Qinetiq Group Plc

364.20
1.20 (0.33%)
Last Updated: 13:14:53
Delayed by 15 minutes
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 0.33% 364.20 364.00 364.60 366.00 362.20 364.80 267,142 13:14:53
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Security Systems Service 1.58B 154.4M 0.2681 13.55 2.09B

QinetiQ Group plc Third Quarter Trading Update (4622L)

13/01/2021 7:00am

UK Regulatory


Qinetiq (LSE:QQ.)
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TIDMQQ.

RNS Number : 4622L

QinetiQ Group plc

13 January 2021

News release

QinetiQ Group plc

Third Quarter Trading Update

13 January 2021 - QinetiQ Group plc ("QinetiQ" or "the Group") today issues a trading update covering its third quarter of trading.

Good momentum, maintaining expectations

Building on a strong first half to the financial year, the Group has continued to deliver well with continued strong performance through the third quarter. While we remain cautious and alert to the changing COVID-19 environment, we are on-track for our fifth consecutive year of organic growth and we continue to maintain our expectations for the full year, as outlined at our interim results in November 2020.

Our company has remained resilient and performance has continued to be strong, against the backdrop of the evolving COVID-19 pandemic. We adopted a three phase approach to working through the pandemic and our "renewal phase", the last of the three phases, is progressing well with a renewed ambition and evolved strategy to accelerate sustainable growth. We continue to adapt to our "new normal" ways of working with distributed teams delivering effectively and efficiently for our customers.

EMEA Services

EMEA Services has continued to have good momentum in the third quarter with very limited impact from COVID-19, as the division benefits from long-term contracts and delivers work that is critical to sovereign defence capabilities. We expect good organic revenue growth in EMEA Services for the year.

Global Products

Global Products has continued to show top line growth in the third quarter, driven by the contribution of our advanced sensing solutions business (formerly known as MTEQ), following disruption due to COVID-19 in the first half. Our Targets business is showing positive signs of recovery in the second half with some key orders being won.

Strategy Update

At our interim results in November 2020 we set out a renewed ambition and evolved strategy to accelerate sustainable growth of the company by delivering mission-led innovation for our customers' advantage. This renewed strategy is already yielding significant benefits:

 
 -   Delivering on the LTPA: We are continuing to execute the modernisation 
      programme, delivering successfully against all contractual KPIs 
      and exceeding customer expectations; we remain on-track to deliver 
      the final transition milestone on or ahead of schedule. In the 
      quarter we hosted the UK and US Navy at our Hebrides ranges and 
      we also completed the first training activities with the US Air 
      Forces in Europe (USAFE) following our recent five year $27m contract 
      win. 
 -   Delivery of RCV-L prototypes: In partnership with Pratt Miller 
      Defense, we delivered the four prototype vehicles required to the 
      US DoD ahead of schedule, under the Robotic Combat Vehicle Light 
      programme, in advance of testing and experimentation in 2021. 
 -   GBP127m Typhoon EDP contract: We have won a five year contract 
      through the Engineering Delivery Partner (EDP) framework providing 
      a range of engineering services for Typhoon, from planning and 
      acceptance through to regulatory assurance, trials support and 
      optimisation of in-service capability. The contract is a significant 
      milestone bringing total orders through EDP since its inception 
      to in excess of GBP500m, as reported at our interim results. 
 -   Disposal of OptaSense: In the third quarter we announced completion 
      of the disposal of OptaSense to Luna Innovations Inc for GBP29m. 
      This was the third disposal completed this financial year for a 
      combined enterprise value of GBP69m. These disposals were strategy-led 
      decisions to optimise our portfolio bringing greater focus on our 
      core strategy to build an integrated global defence and security 
      company. 
 -   Acquisition of remaining Inzpire shareholding: In December 2020 
      we acquired the final 15% share capital of Inzpire Group Limited, 
      two years after our initial strategic investment. Inzpire is a 
      leading provider of operational training and mission systems for 
      military customers in the UK and internationally. The business 
      has performed well in the last two years, and remains important 
      to our growing training and mission rehearsal campaign. 
 

About QinetiQ

QinetiQ (QQ.L) is a leading science and engineering company operating primarily in the defence, security and critical infrastructure markets. We work in partnership with our customers to solve real world problems through innovative solutions delivering operational and competitive advantage. Visit our website www.QinetiQ.com . Follow us on LinkedIn and Twitter @QinetiQ. Visit our blog www.QinetiQ-blogs.com .

We will be running a virtual investor seminar on 4 March 2021 at 2pm GMT. Registration will be available on our website shortly.

For further information please contact :

 
 John Haworth, Group Head of Investor Relations:            +44 (0) 7920 545841 
 Chris Barrie, Citigate Dewe Rogerson (Media enquiries):    +44 (0) 7968 727289 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

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(END) Dow Jones Newswires

January 13, 2021 02:00 ET (07:00 GMT)

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