QinetiQ Group plc Pre Close Statement (1169T)
March 24 2016 - 3:00AM
UK Regulatory
TIDMQQ.
RNS Number : 1169T
QinetiQ Group plc
24 March 2016
24 March 2016
QinetiQ Group plc
Pre Close Statement
Prior to entering a closed period for the year ending 31 March
2016, QinetiQ today confirms that the company remains on course to
deliver on its expectations for the current financial year as
outlined at its interim results in November 2015 and in its Q3
trading update dated 10 February 2016.
EMEA Services has continued to perform as set out in the Q3
trading update. On 3 March 2016, QinetiQ Australia announced that
it had been awarded a five-year follow-on contract, with rolling
extensions for up to 15 years, to provide aircraft structural
integrity services for the Australian Defence Force's Directorate
General Technical Airworthiness. Trading in Global Products has
been as expected in the period with the US products business
winning small robot and survivability orders for both US and
overseas customers.
On 14 March 2016, the UK Secretary of State for Defence
announced that next year's baseline profit rate for single source
defence contracts will be 8.95% (compared with 10.6% this year.)
The new rate will apply to new or renewed qualifying contracts
signed from 1 April 2016 to 31 March 2017 and acts as the starting
point for agreeing the profit rate for individual contracts. The
Secretary of State also announced that he has asked the Single
Source Regulations Office (SSRO) further to develop the methodology
used to calculate the baseline profit rate over the next year that
will be used as the basis of the calculation in future years.
QinetiQ will announce preliminary results for the financial year
ending 31 March 2016 on 26 May 2016.
ENDS
Notes to Editors:
A FTSE250 company, QinetiQ uses its world class knowledge,
research and innovation to provide high-end technical expertise and
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 as well as other
international customers in targeted sectors. For more information
see www.QinetiQ.com. Download the QinetiQ investor relations app
for iPad and iPhone from the App Store. Follow us on twitter
@QinetiQ.
For further information please contact:
Investor relations: David Bishop, QinetiQ +44 (0) 7920 108675
Media relations: QinetiQ press office +44 (0) 1252 393500
Chris Barrie, Citigate Dewe
Rogerson +44 (0) 7968 727289
This information is provided by RNS
The company news service from the London Stock Exchange
END
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