QinetiQ Group plc Pre Close Trading Update (1415L)
September 29 2016 - 2:00AM
UK Regulatory
TIDMQQ.
RNS Number : 1415L
QinetiQ Group plc
29 September 2016
News release
29 September 2016
QinetiQ Group plc
Pre Close Trading Update
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 GBP50m share
repurchase was announced in November 2015 of which GBP21m 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:
Investor
relations: David Bishop, QinetiQ +44 (0) 7920 108675
Media relations: QinetiQ press office +44 (0) 1252 393500
This information is provided by RNS
The company news service from the London Stock Exchange
END
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