QinetiQ confirms further restructuring proposal

03 Aug 2010

Following the statement at its AGM, QinetiQ Group PLC (‘QinetiQ’) today confirms that it has commenced consultation with its trades unions regarding a proposed reduction of 325 employees in the UK. This is in addition to the potential reduction of 391 employees announced on 6 July and follows a detailed review of its UK businesses. Today’s announcement covers roles primarily in the managed services operations across a number of sites in the UK.

The Group has formally notified the trades unions of its proposals and will work with employees and their representatives to carry out the process in a fair and supportive way.

Leo Quinn, CEO of QinetiQ said: "In today's challenging business environment we need to ensure that QinetiQ is focussed on its strengths and is fully aligned with the needs of its customers. Whilst we must reset our cost base in line with demand, we will continue to maintain a full capability for our customers through our unique understanding of the global aerospace, defence and security markets."

About QinetiQ:

QinetiQ has commenced consultation regarding a proposed reduction of about 135 employees at Boscombe Down, Wiltshire, about 70 at Farnborough, Hampshire and about 30 at Malvern, Worcestershire.
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 employs around 6,500 people in the UK and over 13,000 people across the Group. In the year to 31 March 2010, QinetiQ’s reported revenues of £1.6bn and a loss before tax of £66.1million.
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QinetiQ confirms further restructuring proposal