QinetiQ Group plc Third Quarter Trading Update

Data : 04/02/2020 @ 08:00
Fonte : UK Regulatory (RNS & others)
Titolo : Qinetiq Group Plc (QQ.)
Quotazione : 300.6  -8.4 (-2.72%) @ 17:35
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QinetiQ Group plc Third Quarter Trading Update

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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 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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