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Full Year Results for the year ended 31 March 2015


  2015 2014
% Change
Business Performance – continuing operations+
Orders £613.6m £596.9m 3%
Revenue £763.8m £782.6m (2)%
Underlying operating profit £111.3m £113.7m (2)%
Underlying operating margin 14.6% 14.5%  
Underlying profit before tax £107.8m £101.2m 7%
Underlying net cash from operations (post capex) £114.9m £106.2m 8%
Underlying cash conversion ratio 103% 93%  
Underlying earnings per share 15.2p 13.8p 10%
Net cash £195.5m £170.5m  
Full year dividend per share 5.4p 4.6p 17%

+The Group completed the sale of US Services on 23 May 2014. Total Group performance in 2015 included approximately two months contribution from US Services compared to twelve months in the prior period. Continuing operations (above) comprise EMEA Services and Global Products but exclude US Services.

The statutory reporting summary below includes the effect of the US Services disposal in 2015 and other specific adjusting items.

Statutory Reporting 2015 2014
Operating profit from continuing operations £109.5m £97.1m
Profit/(loss) attributable to shareholders £104.7m £(12.7)m
Earnings per share including US Services 16.6p (1.9)p


  • Strong performance in EMEA Services with increased orders, revenue and operating profit
  • Core Air, Weapons and Maritime businesses all performed well
  • New President appointed to lead repositioning of US Global Products in response to a challenging market
  • Continued high cash conversion
  • £150m share buyback well advanced; £128m complete at 15 May 2015
  • 17% increase in full year dividend reflecting upgrade at the half year and progressive dividend policy
  • 77% revenue under contract at start of FY16 consistent with prior year; balance supported by pipeline of opportunities
  • Maintaining expectations for Group performance in the current financial year

Steve Wadey, who joined QinetiQ as Chief Executive Officer on 27 April 2015, said:

“In my first few weeks at QinetiQ I’ve been impressed with the expertise of our people, as well as our capabilities and technologies, all of which are well matched to the dynamics in our markets. It’s a company with great potential and I look forward to working with our customers to develop and grow QinetiQ to meet their changing needs.”

Results Centre

Other information

There will be a presentation of the preliminary results to analysts at 0900 hours UK time on 21 May 2015 in the Milton Suite, The Grange Hotel - St Pauls, 10 Godliman Street, London EC4V 5AJ. Registration for the webcast is available at: www.QinetiQ.com/investors where the presentation will also be available. An audiocast of the event will be available on the following numbers (confirmation: QinetiQ):

  • UK: (0)20 3059 8125
  • US: 1 866 796 1569
  • International: +44 203 059 8125

For further information please contact:

Media relations: QinetiQ press office +44 (0) 1252 393500
  Neil Bennett, Maitland +44 (0) 207 379 5151
  Rebecca Mitchell, Maitland +44 (0) 7951 057351
Investor relations: David Bishop, QinetiQ +44 (0) 7920 108675