Advertisement

QinetiQ third quarter on target

Defence firm QinetiQ said trading in the third quarter was as expected and the outlook for the year remains unchanged from previous guidance.

Defence firm QinetiQ said trading in the third quarter was as expected and the outlook for the year remains unchanged from previous guidance.

The group said the performance of UK Services continues to benefit from a more competitive cost base and better project execution.

Last week QinetiQ agreed conditions with the MOD for the latest contract term for the provision of test, evaluation and training support services through to March 2018.

Advertisement - Article continues below

In the US, trading conditions remains difficult. Delays to contract awards continue to impact the performance of US Services and a significant number of bids remain outstanding, the group explained.

QinetiQ said the division is continuing to plan and implement cost reductions to retain competitive rates in challenging market conditions.

Meanwhile Global Products' performance for the year will be first half weighted following the delivery of two key orders for the Q-NetTM vehicle survivability product, plus additional spares orders, during the first six months of the year.

Following the achievement of a net cash position at the half year, the group's balance sheet and cash generation remain strong.

QinetiQ said the outlook for the year is unchanged from that set out in the half-year results in November 2012.

"As previously indicated, visibility remains much lower than usual, particularly in the US. Despite this uncertainty, with the benefit of the strong first half performance the board believes the group as a whole will perform in line with its expectations for the year, absent any material change in customer requirements," it said in a company statement.

CJ

Advertisement
Advertisement

Recommended

Visit/investments/investment-strategy/601044/broker-safety-your-questions-answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
Visit/investments/investment-strategy/600861/how-demographics-affects-stock-valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Visit/investments/stocks-and-shares/600863/sirius-minerals-anglo-american-takeover
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Visit/investments/stockmarkets/600634/why-investors-should-be-cautiously-bullish-for-2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Visit/investments/commodities/gold/601444/these-seven-charts-show-exactly-why-you-must-own-gold-today
Gold

These seven charts show exactly why you must own gold today

Covid-19 is accelerating many trends that were already in existence. The rising gold price is one such trend. These seven charts, says Dominic Frisby,…
3 Jun 2020
Visit/investments/stockmarkets/601460/disease-rioting-and-mass-unemployment-so-why-are-markets-soaring
Stockmarkets

Disease, rioting and mass unemployment – so why are markets soaring?

Despite some pretty strong headwinds in the last year, America’s S&P 500 stock index is close to all-time highs. John Stepek explains why markets seem…
4 Jun 2020
Visit/investments/commodities/601433/commodities-possibly-the-biggest-opportunity-in-todays-markets
Commodities

This looks like the biggest opportunity in today’s markets

With low interest rates and constant money-printing, most assets have become expensive. But one major asset class hasn’t. John Stepek explains why com…
2 Jun 2020