Qinetiq "maintains expectations" for FY performance

Writer, Stock Market Wire
Thursday, January 31, 2019 - 08:52

British defence technology company Qinetiq said on Thursday it had continued to perform well in the third quarter of its financial year and was maintaining its expectations for the company's full-year performance.

The company's EMEA Services division had continued to deliver "encouraging" organic order and revenue growth compared to the prior year, while revenue under contract and operating profit were both in line with its expectations.

Meanwhile, Qinetiq's discussions with the UK Ministry of Defence on the remaining scope of the Long Term Partnering Agreement for test and evaluation services continued to make good progress. The company said it aimed to secure pricing to 2028 and agree a similar level of investment and recovery mechanism to the December 2016 LTPA amendment.

Qinetiq's Global Products division also delivered positive organic order and revenue growth compared to the prior year, with underlying operating profit improving during the third quarter.

The company also said it successfully delivered the first live firings of F-35 weapons in the UK at the Aberporth air range, part of its key role in supporting the Ministry of Defence in assuring the capability of the new aircraft.

Qinetiq said it signed a ten-year framework contract last October to be the Engineering Delivery Partner to the Ministry of Defence's procurement agency DE&S and has secured more than £25m of tasking orders through this contract to date.

QinetiQ would report its preliminary results for FY19 on Thursday 23 May 2019

At 8:52am: (LON:QQ.) QinetiQ Group PLC share price was +12.65p at 306.65p

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