10th Feb 2016 08:27
LONDON (Alliance News) - Defence services company QinetiQ Group PLC Wednesday said its outlook for its current financial year is unchanged, even as the UK defence market remains uncertain.
QinetiQ said that whilst the UK government's Strategic Defence & Security Review was published in December, it is likely to take some time before the impact of this review is clear. The company noted that the Single Source Regulations Office is not expecting to publish the single source profit rate for the next financial year until March 2016.
For the company's third quarter its Europe, Middle East and Africa Services unit performed in line with expectations and revenue under contract was "as anticipated" at this stage. However, the division has continued to see some delays and de-scoping to orders, QinetiQ said.
In its Global Products division, trading was "as expected", and revenue under contract was as anticipated, although the divisions performance remains dependent on the timing and shipment of key orders.
QinetiQ will report results for its year to end-March on May 26.
Shares in QinetiQ were up 0.7% at 225.00 pence shortly after market open Wednesday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Qinetiq