News

QinetiQ Group plc ("QinetiQ" or the "Group") today announces that as part of its US restructuring programme, it has reached an agreement to sell its non-core Federal IT Services business consisting of data and cyber services to V2X for an EV consideration of $31m, representing approximately 1x revenue. The transaction is expected to complete before the end of September.

The divestiture demonstrates the disciplined execution of our strategy and capital allocation policy in action. The proceeds from the sale of the non-core asset will support our ongoing buyback programme and reduce net debt. This disposal also reinforces the clear focus of our renewed US growth strategy on four core market segments, where we see increasing demand and have differentiated capability; maritime systems, advanced sensors, space and missile defence mission support and persistent surveillance. Each of these market segments has good long-term growth potential and together represent the majority of our revenue in the US.

For further information please contact:

Stephen Lamacraft, Interim Group Investor Relations Director: +44 (0) 7471 885817
Stephanie Mann, Group Head of Media Relations: +44 (0) 7770 720268