QinetiQ Group plc (“QinetiQ”), the science and engineering company that operates primarily in the defence, security and aerospace markets, today issues a short trading update before entering its closed period for the half year ending 30 September 2016.
The Board is maintaining its expectations for Group performance this financial year.
EMEA Services has continued to perform as set out in the Q1 trading update dated 20 July 2016. Revenue under contract in the division is similar to the position a year ago and is as anticipated at this stage in the financial year.
The Global Products division has shorter order cycles and a more lumpy revenue profile than EMEA Services. FY17 revenue under contract continues to be slightly better than last year, but the performance of Global Products remains dependent on the timing and shipment of key orders.
The Group has a strong balance sheet that provides a solid foundation for investment in growth even at times of uncertainty. The recent fall in gilt yields, if sustained, would impact the measurement of the Group’s defined benefit pension scheme liabilities. The next scheduled triennial actuarial valuation of the pension scheme is due at 30 June 2017. A £50m share repurchase was announced in November 2015 of which £21m remains to be completed. The Group expects to complete the buyback by the end of 2016 as planned.
QinetiQ's interim results for the half year ending 30 September 2016 will be announced on 17 November 2016.
Notes to Editors:
Listed on the London Stock Exchange (LSE: QQ.L), QinetiQ is a leading science and engineering company operating primarily in the defence, security and aerospace markets. Our customers are predominantly government organisations, including defence departments, as well as international customers in other targeted sectors. See www.QinetiQ.com | www.QinetiQ-blogs.com | @QinetiQ.
For further information please contact:
||David Bishop, QinetiQ
||+44 (0) 7920 108675|
||QinetiQ press office
||+44 (0) 1252 393500|