Prior to its financial year end on 31 March 2011, QinetiQ Group plc ('QinetiQ') reconfirms the guidance given in its Interim Management Statement on 3 February 2011. Visibility in QinetiQ's principal markets remains limited with defence budgets under pressure from government programmes to reduce fiscal deficits and detailed policy reviews still ongoing.
QinetiQ remains on course to deliver on its expectations for the financial year ending 31 March 2011 with a strong contribution from the Q-NET vehicle survivability product, as well as TALON® robots and SWATSTM individual gunfire detection systems supporting operations in Afghanistan. Cash generation across the Group remains a priority and has been strong in the period, further reducing net debt from the level at 31 December 2010. The Group's 24 month self-help programme announced in May 2010 continues to refocus the business, and the restructuring of the UK business is on track and within budget.
A FTSE250 company, QinetiQ uses its domain knowledge to provide technical advice to customers in the global aerospace, defence and security markets. QinetiQ’s unique position 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.
QinetiQ will announce its preliminary results for the year ended 31 March 2011 on 26 May 2011.
For further information please contact:
QinetiQ press office +44 (0) 1252 393500
Liz Morley, Maitland +44 (0) 7798 683108
Brian Hudspith, Maitland +44 (0) 7771 825606
David Bishop, QinetiQ +44 (0) 7920 108675