Accuracy Coverage Pricing Help Centre Contact

QinetiQ increases 2013 full year dividend by 31%

Investment Tools Ltd.
QinetiQ increases 2013 full year dividend by 31%

Headlines

Robust overall Group performance in tough markets during 2013:

• 6% increase in underlying operating profit* driven by excellent performance in UK Services

• Net cash position achieved through strong cash generation

 31% increase in full year dividend, reflecting in-year growth in underlying earnings per share and the Group's commitment to delivering value

Good progress implementing Organic-Plus programme as route to delivering value:

• Agreed five-year, £998m re-pricing of Long Term Partnering Agreement (LTPA) with MOD, underpinning core UK Services business

• Non-cash £256m goodwill impairment in US Services; initiating strategic review

• Expanding Global Products portfolio to increase focus on non-conflict markets

• Positioning for sustainable earnings growth over the medium term

Commenting on the results, Leo Quinn, QinetiQ Chief Executive Officer said:

"Overall, the Group has delivered a robust performance in tough markets. UK Services was the stand-out performer, demonstrating its unique strengths as well as the benefits of our self-help programme, with Global Products continuing to diversify into non-conflict technologies such as OptaSense®, space technology and power line sensors. The decline in performance of US Services reflected the continuing very challenging market conditions and we have decided to initiate a strategic review of this division to determine the best way to maximise its value.

"A key step in transforming QinetiQ has been the achievement of net cash. Having paid down over half a billion pounds of debt in three years, we have both financial resilience and capacity to invest. We are now committed to delivering value by building a Group capable of both growth and high quality returns.

"UK Services is expected to remain steady this year but the heightened uncertainty around US federal services spending is causing low levels of visibility in US Services. As anticipated, budgetary pressures and the drawdown effect seen towards the end of last year are continuing to affect the timing and quantity of sales in Global Products. While the range of possible outcomes is wider than usual at this stage in the year and the full impact of sequestration remains unclear, the Board is maintaining its expectations for overall Group performance in the current year absent any material changes in customer requirements."

Companies mentioned

Latest News

Investment Tools Limited

Hipgnosis Songs Fund Limited is to announce the Company's interim dividend (the 'Dividend') for the period from 1 April 2020 to 30 June 2020 in respect of the Ordinary Shares. 

Read more
Investment Tools Limited

European Assets Trust PLC ("the Company") announces that a dividend of 1.755 pence per share will be paid on 31 July 2020 to shareholders on the register on 10 July 2020, having an ex-dividend date of 9 July 2020. 

Read more
Investment Tools Limited

The final dividend approved for the year ended 30 November 2019 was paid to shareholders on 5 June 2020.

Read more
Investment Tools Limited

A final dividend of 4.3p is being proposed by the XPS Pensions Board (FY 2019: 4.3p). The final dividend, if approved, which amounts to £8.8m (FY 2019: £8.8m), will be paid on 24 September 2020 to those shareholders on the register on 28 August 2020.

Read more
Investment Tools Limited

Primary Health Properties announces that the third quarterly interim dividend in 2020 of 1.475 pence per ordinary share of 12.5 pence each will be paid on 21 August 2020 to shareholders on the register on 3 July 2020. The dividend will comprise a Property Income Distribution (PID) of 1.275 pence per share and an ordinary dividend of 0.2 pence per share. The Company will be offering a scrip alternative with this dividend.

Read more
Investment Tools Limited

The Imomart dividend policy, which has been in place for several years now, is based on the profitability of the business in the period. They have committed to a pay-out policy of up to 40% of the adjusted diluted earnings per share delivered in a financial year. 

Read more
Investment Tools Limited

The Board is proposing a final dividend of 43.7 pence per share, an increase of 9.3 per cent on the 40.0 pence paid previously. Together with the interim dividend of 16.7 pence per share this is a total dividend for the year of 60.4 pence per share and compares to 55.9 pence per share previously. This is the 30th consecutive year of dividend growth.

Read more
Investment Tools Limited

The Polar Capital previously stated dividend policy remains that, under normal circumstances, they would expect to pay an annual dividend within a range of 55% to 85% of adjusted total earnings dependent on the quantum of performance fees earned in that year.

Read more
Investment Tools Limited

The National Grid Board has recommended an increase in the final dividend to 32.0 pence per ordinary share ($2.0126 per American Depositary Share) which will be paid to shareholders on the register as at 3 July 2020. If approved, this will bring the full year dividend to 48.57 pence per ordinary share, an increase of 2.6% over the 47.34 pence per ordinary share in respect of the financial year ending 31 March 2019. This rise is in line with the increase in UK RPI for the twelve months to 31 March 2020 as set out in the policy announcement of 28 March 2013.

Read more
Investment Tools Limited

The Safestore Board has announced an interim dividend of 5.9 pence per share, representing a 7.3% increase from the interim dividend paid last year of 5.5 pence. This will amount to a dividend payment of £12.4m (H1 2019: £11.6m). The dividend will be paid on 14 August 2020 to shareholders who are on the Company's register at the close of business on 10 July 2020. The ex-dividend date will be 9 July 2020. 100% (H1 2019: 100%) of the dividend will be paid as a property income dividend ("PID").

Read more
More News