QinetiQ Group plc First Quarter Trading Update (5838G)
20 Julho 2023 - 3:00AM
UK Regulatory
TIDMQQ.
RNS Number : 5838G
QinetiQ Group plc
20 July 2023
News release
QinetiQ Group plc
First Quarter Trading Update
20 July 2023 - QinetiQ Group plc ("QinetiQ" or "the Group")
today issues a trading update covering its first quarter of
trading.
On-track to deliver year end expectations - good first quarter
performance
Building on the strong performance of FY23, we have made a
positive start to FY24. Order intake has continued to remain strong
and we are pleased with our revenue, profit and cash performance.
Our visibility on revenue under contract for FY24 has increased to
GBP1.3bn, up from GBP1.1bn at April 2023. Consequently, we remain
confident of delivering in-line with our expectations.
We have seen a strong start to the year in Global Products,
which we are renaming Global Solutions, based on the increasing
high value service content versus products. Our performance
momentum in the US continues, integration activities remain ahead
of plan and we are making good progress on new business
opportunities. EMEA Services continues to perform well with good
underlying performance across all metrics.
Steve Wadey, Group Chief Executive Officer said:
" The global security situation continues to highlight the
importance of defence and security and we remain focused on our
three home countries who have a shared defence and security mission
under the trilateral partnership known as AUKUS. We are aligned to
our customers' priorities to modernise their capabilities in the
current threat environment, most recently evidenced by the UK's
Defence Command Paper which reaffirmed the importance of Science
and Technology and identified significant investment in
technologies to deliver mission critical advantage.
"We continue to see a significant opportunity from the widening
threat spectrum, with our six distinctive offerings well aligned to
areas of the defence and security budgets where greatest priority
and funding is being directed, such as experimentation and
technology, cyber and information advantage, and training and
mission rehearsal."
Continued progress towards delivering our strategic ambition
QinetiQ is a purpose-driven company at the forefront of national
defence and security - we are protecting lives by serving the
national security interests of our customers. As outlined in our
full year results, we have raised the strategic ambition for the
company, targeting high single digit organic revenue growth,
supplemented by further strategic acquisitions, to build the
company to GBP3bn revenue by FY27. This will result in revenue and
profit approximately doubling over the next four years. In the
first quarter, we are pleased to achieve a number of successes that
demonstrate delivery towards this increased strategic ambition:
-- $40m research and engineering contract award in the US (former
Avantus business) - We have won $40m of contract awards from the
Prototypes and Experiments Director for the Under Secretary of
Defense for Research and Engineering, to accelerate the delivery
of advanced technologies to the Joint Warfighter. Our work includes
prototyping, demonstration and experimentation activities, enabling
future experimentation with the UK, Australia and other allies.
We continue to successfully build the pipeline and orderbook to
support delivery of our ambitious growth plan in the US.
-- $86m backlog on Joint Adversarial Training and Testing Services
(JATTS) contract in Australia (former Air Affairs) - Under the
JATTS contract, we are delivering training support to the Australian
Defence Force with 'enemy' force aircraft and aerial tow targets.
We are supporting a range of Royal Australian Air Force platforms
including F-35, Super Hornet and Wedgetail airborne early warning
aircraft as well as Royal Australian Navy's frigates and guided
missile destroyer capabilities, and unmanned target services against
the Australian Army's ground based air defence capabilities. This
contract supports our growth strategy to more than double the size
of the Australian business over the next 4 years.
-- Formidable Shield 2023 in the UK - During May 2023, QinetiQ successfully
demonstrated its central role in global defence and security, through
one of the world's largest tests of naval and missile defences.
The exercise harnessed the power of some of the most advanced technologies
in the world in order to enable a joint NATO force to operate seamlessly
together and to better understand and defeat complex evolving threats.
Hosted at MOD Hebrides, operated by QinetiQ on behalf of the Ministry
of Defence, the exercise saw more than 20 ships, 35 aircraft, and
nearly 4,000 Allied military personnel from 13 NATO nations come
together to test missiles, systems, sensors and software against
ballistic, subsonic and supersonic targets in a realistic, live-fire
mission rehearsal event.
-- GBP38m Defence Digital and GBP19m Intelligence orders in the UK
- Our UK Intelligence Sector continues its strong growth across
new business and renewals. We have won a GBP38m contract extension
with Defence Digital and GBP19m of data intelligence orders in
Naimuri from its security customers. We have also received our
largest order of advanced Q20HD high dynamics GPS receiver devices
(over 3,000 units), demonstrating the ongoing demand for current
and future generations of our precision guidance capabilities,
used in demanding high dynamic platforms, weapons and test and
evaluation applications.
-- LTPA variation of price contract uplift in the UK - To reflect
inflationary effects, we have been awarded a GBP56m uplift to the
LTPA contract. This increase represents current elevated inflation
impact through to the end of the current contract in 2028.
AGM
QinetiQ's 2023 Annual General Meeting (AGM) will be held at 11am
today at Ashurst LLP, London Fruit & Wool Exchange, 1 Duval
Square, London E1 6PW.
Investor Seminar
QinetiQ will be hosting an in-person capital markets Investor
Seminar on 25(th) October 2023 in New York. We welcome you to
attend and will release further details in due course.
About QinetiQ
QinetiQ is an integrated global defence and security company
focused on mission-led innovation. QinetiQ employs more than 8,000
highly-skilled people, committed to creating new ways of protecting
what matters most; testing technologies, systems, and processes to
make sure they meet operational needs; and enabling customers to
deploy new and enhanced capabilities with the assurance they will
deliver the performance required. 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 Director Investor Relations: +44 (0) 7920 545841
Lindsay Walls, Group Director Communications (Media enquiries): +44 (0) 7793 427582
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July 20, 2023 02:00 ET (06:00 GMT)
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