QinetiQ Group (QQ); Q3 trading update: positive organic growth in orders and revenue

Published on 31-01-2019 08:57:39
Author Sparks Team
QinetiQ Group (QQ); Q3 trading update: positive organic growth in orders and revenue

With continued investment in UK Defence Test and Evaluation, QinetiQ has secured a contract to deliver Formidable Shield 2019, a large, multi-national maritime exercise. It has also successfully delivered the first live firings of the F-35 weapons.

The group’s discussions with the UK Ministry of Defence (MOD) for the Long Term Partnering Agreement (LTPA) progressed well. It plans to secure pricing to 2028 and agree with an investment and recovery mechanism that is similar to that of the 2016 LTPA amendment.

The US Department of Defence awarded a $90m contract to QinetiQ North America to support the sustainment of the TALON family of robotic systems. The business which has been recently integrated with Germany-based E.I.S. Aircraft’s operations is already working on many customer projects.

DES, the UK MOD’s procurement agency, has awarded a ten-year framework contract to QinetiQ to be its Engineering Delivery Partner, with tasking orders worth over £25m.

The European Space Agency’s BepiColombo mission is using QinetiQ’s T6 ion engines to propel the spacecraft on its seven-year voyage to Mercury.

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