Preliminary Results for the year ended 31 March 2013
23/05/2013
2013 | 2012 (restated^) | |
---|---|---|
Business Performance | ||
Revenue | £1,327.8m | £1,469.6m |
Organic change at constant currency | (10)% | |
Underlying operating profit* | £168.7m | £159.6m |
Underlying operating margin* | 12.7% | 10.9% |
Underlying profit before tax* | £152.1m | £110.2m |
Underlying net cash from operations* (post capex) | £175.9m | £235.4m |
Underlying cash conversion ratio* | 104% | 148% |
Net cash / (debt) | £74.0m | £(122.2)m |
Underlying earnings per share* | 18.9p | 13.6p |
Dividend per share | 3.80p | 2.90p |
Statutory Reporting | ||
Operating (loss) / profit | £(121.4)m | £361.3m |
(Loss) / profit before tax | £(137.0)m | £316.3m |
Earnings per share - basic | (20.5)p | 37.9p |
Headlines
Robust overall Group performance in tough markets during 2013:
- 6% increase in underlying operating profit* driven by excellent performance in UK Services
- Net cash position achieved through strong cash generation
- 31% increase in full year dividend, reflecting in-year growth in underlying earnings per share* and the Group’s commitment to delivering value
Good progress implementing Organic-Plus programme as route to delivering value:
- Agreed five-year, £998m re-pricing of Long Term Partnering Agreement (LTPA) with MOD, underpinning core UK Services business
- Non-cash £256m goodwill impairment in US Services; initiating strategic review
- Expanding Global Products portfolio to increase focus on non-conflict markets
- Positioning for sustainable earnings growth over the medium term
- Commenting on the results, Leo Quinn, QinetiQ Chief Executive Officer said:
“UK Services is expected to remain steady this year but the heightened uncertainty around US federal services spending is causing low levels of visibility in US Services. As anticipated, budgetary pressures and the drawdown effect seen towards the end of last year are continuing to affect the timing and quantity of sales in Global Products. While the range of possible outcomes is wider than usual at this stage in the year and the full impact of sequestration remains unclear, the Board is maintaining its expectations for overall Group performance in the current year absent any material changes in customer requirements.”
Other information
There will be a presentation of the preliminary results to analysts at 0900 hours UK time on 23 May 2013 at the London Stock Exchange, 10 Paternoster Square, EC4M 7LS. 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: 10834833):
UK Freephone: | 0800 634 5205 |
International / London local: | +44 (0)208 817 9301 |
For further information please contact:
Media relations: | QinetiQ press office | +44 (0) 1252 393500 |
Liz Morley, Maitland | +44 (0) 7798 683108 | |
Investor relations: | David Bishop, QinetiQ | +44 (0) 7920 108675 |
*Definitions of underlying measures of performance can be found in the glossary.
^ IAS 19 (revised) ‘Employee benefits’ has been adopted for 2013 and the 2012 comparatives have been restated accordingly. Refer to note 1.
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