Financial Highlights

2011 Highlights

QinetiQ uses its domain knowledge to provide technical advice to customers in the global aerospace, defence and security markets. Its unique positioning enables it to be a trusted partner to government organisations, predominantly in the UK and the US, including defence departments, intelligence services and security agencies.

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• Group revenues up 5% and underlying operating profit* up 21%, driven by strong sales of Q-NET vehicle survivability product
• Delivering on self-help programme to build future value
  
  
  • 12 months into 24 month plan
  • Business reorganisation delivering focus
    
    
    • US Services being fully integrated
    • UK Services restructured
    • Global Products common framework implemented
  • Cultural transformation delivering a commercial, performance-orientated approach
    
    
    • Group-wide drive to reduce cost base, increase competitiveness
  • Balance sheet strengthened
    
    
    • Excellent cash generation reduced net debt to £261m (31 March 2010: £457m)
      
    • Gearing ratio† down from 2.5x to 1.4x
    • New revolving credit facility signed, 2013 private placement repaid May 2011 – no further debt maturity for 5 years
• Dividend reinstated in line with commitment made May 2010. Proposed final dividend 1.60p per share.

_{*Underlying financial measures, excluding amortisation of intangible assets arising from acquisitions and specific non-recurring items, are presented as the Board believes these provide a better representation of the Group's long-term performance trends.
† The gearing ratio is adjusted net debt:EBITDA calculated in accordance with the Group's credit facility ratios.}