Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

QinetiQ Group plc (QQ.)

  Print      Mail a friend       Annual reports

Thursday 29 July, 2010

QinetiQ Group plc

Interim Management Statement

RNS Number : 1332Q
QinetiQ Group plc
29 July 2010



QinetiQ Group plc

Annual General Meeting 2010 and Interim Management Statement



QinetiQ Group plc ('QinetiQ') today issues its Interim Management Statement which covers the period since 27 May 2010, prior to holding its Annual General Meeting today at 2.00pm in London.

Trading Environment


Defence markets in both the UK and the US remain challenging as Governments in both countries seek to reduce costs and focus on direct operational requirements. As a result, delays continue to be seen in orders from government customers in the UK and, to a lesser extent, from some sectors in the US. Additionally in the UK, the Strategic Defence and Security Review makes it difficult at this point to predict the areas likely to be targeted for cutbacks in defence spending and the levels of any such reductions.


UK Services

Political and economic factors affecting the letting of orders are not expected to change in the short term. The business is focused on shaping itself to meet customer needs while taking steps to lower its structural cost base significantly in order to increase competitiveness.


US Services

Revenues are similar to prior year following the insourcing of certain Government work toward the end of last year. A reorganisation of business development around key segments has taken place, overheads are being carefully controlled and the businesses continue to perform steadily.


Global Products

The product business in the US has experienced strong order demand for its new Q-NETS, a vehicle survivability product, following DoD approval. This has been offset by the impact of the weaker market environment on the UK business, where a review of the product and technology portfolio is underway.  


Update on actions following the Operational Review


Management is rolling out its action plan to refocus the businesses, create a more commercial and performance-oriented culture and strengthen the balance sheet.


Work is ongoing to align the structure around UK Services, US Services and Global Products. All businesses are now using a consistent financial reporting process.



Following a ballot in which 75% of union members in the UK workforce voted in favour of changes to employee terms and conditions, the trades unions formally accepted the Group's offer. The agreed changes, including the pay increases offered within the new package and revised redundancy arrangements, came into effect on 1 July and will contribute to greater competitiveness and standardisation of employment terms.


The Group is committed to resetting its cost base, including a redesign of key processes to increase productivity and to rationalise corporate headquarters. Consultation has commenced with UK trades unions regarding a potential reduction of up to 391 employees, primarily at its sites in Farnborough, Hampshire and Malvern, Worcestershire. Subject to successful completion of the consultation process, it is expected that the non-recurring charge for this restructuring, in the region of £20m, will be taken largely in the first half of the current year, but with the cash impact falling during the second half. As management continues to reshape the Group, it will announce consultation during the summer regarding further rationalisation of a similar number of positions.


In the US, the Global Products workforce has been reduced by 90 to raise productivity within the business.


Financial position


Net debt at 30th June 2010 was £417m (31 March 2010: £457m). This improvement resulted mainly from tight control of working capital and some deferral of capital expenditure. The Group remains well within its banking covenants and is focused on achieving its stated target of reducing its ratio of net debt to EBITDA to below 2 times by the end of 2011/2012.




The Board believes that in the current financial year, the performance of QinetiQ's service businesses is likely to remain steady overall in comparison to last year. The Global Products business, whose performance is by its nature more lumpy, is likely to benefit from a strong result in the US. This is expected to be offset by delays and curtailments in the UK products business caused by uncertainty in the defence sector.


Overall, the Board believes that it will meet its expectations for the current year, while continuing to implement its plans to reposition the business for a return to profitable growth over the medium term.





Investor relations:

Nicola Marsden, QinetiQ, +44 7721 576117

Media relations:

David Bishop, QinetiQ, +44 7920 108675

Liz Morley, Maitland, +44 7798 683108


This information is provided by RNS
The company news service from the London Stock Exchange

a d v e r t i s e m e n t