QinetiQ increases 2013 full year dividend by 31%
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."
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