QinetiQ Group plc Third Quarter Trading Update (8255B)
04 Febbraio 2020 - 08:00AM
UK Regulatory
TIDMQQ.
RNS Number : 8255B
QinetiQ Group plc
04 February 2020
News release
QinetiQ Group plc
Third Quarter Trading Update and Acquisition of Newman &
Spurr Consultancy Limited
4 February 2020 - QinetiQ Group plc (QinetiQ or the Group) today
issues a trading update covering its third quarter and announces
the acquisition of Newman & Spurr Consultancy Limited
(NSC).
Maintaining expectations
Building on a strong first half to the financial year, the Group
has continued to perform in line with our expectations. We continue
to maintain our expectations for full year operating profit with
high single digit revenue growth as previously outlined at our
interim results in November 2019.
EMEA Services
The EMEA Services division has continued to perform in line with
our expectations delivering organic order and revenue growth
compared to the prior year.
Global Products
The Global Products division has also delivered organic order
and revenue growth in line with our expectations.
Strategy Update
Our strategy to build an integrated global defence and security
company to deliver sustainable growth continues to gain momentum by
focusing on our customers' needs. In the third quarter, we have
achieved a number of milestones that demonstrate we are delivering
on our commitments to customers and pursuing further strategy-led
investments to drive organic opportunities and complementary
acquisitions.
We are delivering on our commitment to lead and modernise UK
test and evaluation:
-- We have achieved the third major milestone of the renegotiated
Long Term Partnering Agreement (LTPA) contract on schedule, demonstrating
that we are meeting our UK MOD customers' requirements and successfully
transitioning to the new ways of working.
-- We have expanded the scope of the LTPA to include a Rapid Innovation
Cell in the field of Counter-small Unmanned Air Systems (UAS) and
we have successfully delivered new facilities at UK MOD Shoeburyness
to assess missile safety and suitability to service, both critical
to future warfare.
-- The transformed Empire Test Pilots' School (ETPS) successfully
delivered the first year of its innovative syllabus using a new
civil-registered fleet of aircraft. ETPS is seeing growing demand
for its modern approach to test aircrew training from UK and international
customers.
We are becoming a more international company, making strategic
progress in our US home country:
-- In December, we completed the acquisition of Manufacturing Techniques
Inc. (MTEQ) following receipt of required regulatory approvals.
MTEQ is a leading US provider of advanced sensing solutions with
a strong reputation for mission-led innovation, rapidly developing
and fielding operationally relevant solutions to deliver information
advantage to the warfighter. QinetiQ's new US business unit, created
through the combination of QinetiQ North America (QNA) and MTEQ,
represents 25% of the Group and delivers a number of strategic
benefits including strengthening our innovation strategy and accelerating
our growth in the US, the world's largest defence market.
-- In January, the US Army announced its intention to award the Robotic
Combat Vehicle Light (RCV-L) program
(https://www.namconsortium.org/sites/default/files/RCV-OTA-Award-Final.pdf)
to QinetiQ. This provides an immediate opportunity to demonstrate
the value of our new US business, by leveraging our advanced robotics
and sensing technology to create a solution that enables the US
warfighter to overcome the next generation of threats, increase
force projection, and reduce cognitive burden.
We are increasing our focus on delivering mission-led innovation
to meet our customers' needs:
-- Today, we announce that we have acquired Newman & Spurr Consultancy
Limited (NSC) on a cash-free, debt-free basis for GBP14m. In the
12 months to 31 July 2019, NSC generated GBP5.9 million of revenue
and GBP1.3 million of EBITDA. NSC offers a range of attractive
training and simulation solutions, primarily in land and joint
training areas. NSC represents another strategy-led acquisition,
enhancing our capability in areas such as modelling and simulation,
synthetic environments and operational analysis. The acquisition
will support our global training and mission rehearsal campaign
driving future sustainable growth.
-- In January, our Space business secured a EUR75m new contract with
the European Space Agency (ESA) to extend Europe's capabilities
in operational Earth Observation. As prime contractor, we will
lead a consortium of companies to build the ALTIUS satellite, with
final assembly at our new state-of-the-art cleanroom facilities
in Kruibeke in Belgium.
This announcement contains inside information relating to the
acquisition of Newman & Spurr Consultancy Limited and the
person responsible for making this announcement is Jon Messent,
Company Secretary.
Preliminary results
QinetiQ will report its preliminary results for FY20 on Thursday
21 May 2020.
About QinetiQ
QinetiQ (QQ.L) is a leading science and engineering company
operating primarily in the defence, security and critical
infrastructure markets. We work in partnership with our customers
to solve real world problems through innovative solutions
delivering operational and competitive advantage. Visit our website
www.QinetiQ.com. Follow us on LinkedIn and Twitter @QinetiQ. Visit
our blog www.QinetiQ-blogs.com.
For further information please contact
Ian Brown, Group Head of Investor Relations: +44 (0) 7908 251123
QinetiQ press office: +44 (0) 1252 393500
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