Strong first half performance in challenging markets;
- Group margin uplift driven by UK Services and Q-NetTM sales;
- Excellent cash generation;
- Net cash position achieved - net debt reduced by over 550m since 31 March 2009;
- Interim dividend: 1.1p (H1 FY12: 0.9p), reflecting solid foundation for value creation; and
- Early adoption of IAS19 (revised) "Employee benefits".
Commenting on the results, Leo Quinn, QinetiQ Chief Executive Officer said:
"QinetiQ has delivered a strong first half performance in challenging markets and achieved a position of net cash on its balance sheet - an important milestone in the transformation of the Group.
"We are now implementing our next strategic phase, the Organic-Plus programme announced in May 2012, to grow QinetiQ's sustainable earnings and build value over the medium term.
"Visibility remains much lower than usual, particularly in the US. Despite this uncertainty, with the benefit of the strong first half performance the Board believes the Group as a whole will perform in line with its expectations for the year, absent any material change in customer requirements."
