QinetiQ Group plc First Quarter Trading Update (8784F)
21 Julio 2021 - 1:00AM
UK Regulatory
TIDMQQ.
RNS Number : 8784F
QinetiQ Group plc
21 July 2021
News release
QinetiQ Group plc
First Quarter Trading Update
21 July 2021 - QinetiQ Group plc ("QinetiQ" or "the Group")
today issues a trading update covering its first quarter of
trading.
Strong first quarter performance
We have made a good start to the new financial year, with strong
group operational performance. Orders, revenue, profit and cash are
in-line with expectations. Our visibility on revenue under contract
for FY22 has increased to GBP940m, up from GBP800m at April 2021,
and we continue to mitigate the impact of COVID-19. Consequently,
we remain confident of delivering in line with our expectations,
with mid-single digit organic revenue growth at 11% to 12%
operating profit margin, rising to 12% to 13% operating profit
margin in the medium term.
We have seen a strong start to the year in EMEA Services, in
particular with continued good order intake in the Cyber &
Information business and strong revenue growth in the Maritime
& Land business, this is partially offset by a slower quarter
for Global Products due to lower year-end backlog. Overall, the
Group is showing good continued growth and profitability in line
with our expectations.
Strategy Update
Our strategy to build an integrated global defence and security
company with revenues of more than GBP2bn is continuing to deliver
well. Building on our successful 5-year track record of growth, we
are continuing to deliver for our customers and on our promises. We
remain focussed on our six home and priority countries and our six
distinctive offerings, using our balance sheet to support growth
into our >GBP20bn addressable market through both strong organic
growth and strategically aligned acquisitions. In the first
quarter, we achieved a number of successes that demonstrate our
delivery on strategic objectives:
-- International successes - Through the first quarter we have seen
strong progress in our international markets. In Australia we achieved
a first order for SPUR robots demonstrating global leverage of our
capabilities from the US into Australia, in Germany we saw strong
recovery in training flying hours, in Canada we signed a framework
agreement to support the Canadian navy and other forces in future
maritime operations development and in Belgium we won a contract
with the European Space Agency to deliver and operate a new satellite
to support technological innovation, de-risking and concept testing
for public agencies and commercial enterprises in Europe.
-- SPECTRE contract in the US - Building on the successful delivery
and trials of our ISR prototype system on a Program of Record, we
have won a $24m contract from the US Army to build three additional
SPECTRE next generation full spectrum hyperspectral prototype sensors.
SPECTRE is an ISR (intelligence, surveillance and reconnaissance)
sensor system that enables multi-mission Uncrewed Aircraft Systems
(UAS) and crewed aircraft to operate in parallel to other critical
sensor payloads and weapons, with improved performance at a fraction
of the size and weight of the sensors currently in use by the US
Government. This is exciting progress for our US business, with
opportunity for greater exploitation in the future.
-- Formidable Shield 21 - We supported Formidable Shield, the largest
live-fire Integrated Air and Missile Defence exercise in 2021 led
by US Sixth Fleet and conducted by Naval Striking and Support Forces
NATO. In total, 16 ships, 31 aircraft, and approximately 3,300 personnel
from ten NATO nations participated in the live training event at
the Hebrides range. We provided the safe environment, logistics
and range control to facilitate this trial, across the maritime
and air domains. A range of targets were used to test defences,
including subsonic, supersonic and ballistic targets. This is an
excellent example of our investment in the LTPA contract driving
enhanced operational outcomes for our customers, increasing the
demand for our ranges and QinetiQ being at the leading edge of safe
delivery of complex events to ensure our NATO allies can defend
against future threats.
-- Strike Warrior 21 - We supported the Royal Navy Carrier Strike
Group Strike Warrior exercise at MOD Aberporth and Hebrides ranges,
with our operational training and missions system business Inzpire,
supporting the overall training activity using its God's Eye View
(GEV) capability. Exercise Strike Warrior involved more than 20
warships, three submarines and 150 aircraft from 11 nations and
was the final test for the Carrier Strike Group before its first
operational deployment. The GEV system developed by QinetiQ enabled
the Royal Navy and Royal Air Force to enhance the training value
from the exercise with a near real time picture of the overall exercise
tracking each asset across waters off north-west Scotland by connecting
sensors across the Hebrides range and RAF bases through a digital
backbone.
-- BATCIS contract extension - In 2018 we won a significant competitive
programme to provide Private Sector client side Support to the Battlefield
Tactical Communication and Information Systems (BATCIS) Delivery
Team within Defence Digital (within MOD). The contract is a critical
enabler to deliver the next generation of Tactical Communication
and Information Systems as part of a Single Information Environment
for UK armed forces. Following the strong delivery in the first
three years of the programme by both QinetiQ and in collaboration
with our partners (Roke, ATOS and BMT) and suppliers, we have been
awarded a one year extension.
-- Pension bulk annuity insurance buy-in - As reported in our 2021
Annual Report and Accounts, the Scheme completed a further bulk
annuity insurance buy-in at a cost of GBP132m, to remove longevity
risk, interest rate risk and inflation risk. This follows the buy-in
in 2019, taking the de-risked element to over GBP800m (or more than
40% of the Scheme's GBP1.86bn present value liabilities, as at 31
March 2021).
On 2 July 2021, we announced that David Smith, Chief Financial
Officer, intended to retire and that he would be succeeded by Carol
Borg from 1 December 2021. Carol will commence her employment with
QinetiQ and join the Board on 11 October 2021 to enable a smooth
transition period prior to David's departure.
AGM
QinetiQ's 2021 Annual General Meeting (AGM) will be held at 10am
today at Cody Technology Park, Ively Road, Farnborough, GU14
0LX.
About QinetiQ
QinetiQ (QQ.L) is a leading science and engineering company
operating primarily in the defence and security 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 :
John Haworth, Group Head of Investor
Relations: +44 (0) 7920 545841
Chris Barrie, Citigate Dewe Rogerson
(Media enquiries): +44 (0) 7968 727289
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTZBLFLFDLZBBZ
(END) Dow Jones Newswires
July 21, 2021 02:00 ET (06:00 GMT)
Qinetiq (LSE:QQ.)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Qinetiq (LSE:QQ.)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024
