Qinetiq Group - Competitive Evolution Continues
Edison | Apr 19, 2016 05:21AM ET
Qinetiq Group's (OTC:QNTQY) pre-close statement highlighted that the company is on course to achieve full year expectations. In addition to contract wins, the statement also highlighted the key outcomes from the Single Source Regulations Office (SSRO) baseline profit rate review. While this provides a level of certainty in the short term, further development of the rate for outer years is yet to be finalised consistent with management’s guidance for a moderation of margins in EMEA Services, as modelled in our forecasts. With results due on 26 May, we expect the group to further articulate its strategic evolution to enhance customer focus and competitiveness.
Pre-close highlights on track to deliver
QinetiQ delivered a strong set of interims in November even during the uncertainty surrounding the election and SDSR, while the £50m buyback provided further evidence of the group’s clear approach to capital allocation with excess cash returned to shareholders. The pre-close statement reaffirmed that the group is on track to deliver to expectations with contract announcements in EMEA Services and trading as expected in Global Products.
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