Update on LTPA amendment

RNS Number : 3817U

QinetiQ Group plc

28 March 2019

 

Update on LTPA amendment

28 March 2019

QinetiQ Group plc ('QinetiQ' or 'the Group') today issues an update on its discussions with the UK Ministry of Defence (MOD) regarding a contract amendment to the Long Term Partnering Agreement (LTPA) covering the operation of 16 LTPA sites which were not part of the amendment signed in December 2016.

On 1 April 2018, QinetiQ and the MOD put in place a twelve-month interim pricing arrangement covering QinetiQ's continued delivery of test, evaluation and training support services at these 16 sites under existing LTPA contract terms.

QinetiQ and the MOD have made good progress during the discussions on the LTPA contract amendment and all contract terms have been agreed. The proposed contract amendment is now in the final stages of negotiation with the MOD. QinetiQ and the MOD are aiming to sign the contract amendment shortly, once these final negotiations have been completed.

LTPA related work continues as normal under the existing terms of the contract.

This announcement contains inside information and the person responsible for making this announcement is Jon Messent, Company Secretary.

For further information please contact:
David Bishop, Group Director Investor Relations and Communications:	[phone]
Ian Brown, Group Head of Investor Relations:	[phone]
Jon Hay-Campbell, Group Head of Communications:	[phone]

About QinetiQ:

QinetiQ (QQ.L) is a leading science and engineering company operating primarily in the defence, security and critical infrastructure markets. We work in partnership with our customers to solve real world problems through innovative solutions delivering operational and competitive advantage. Visit our website www.QinetiQ.com. Follow us on LinkedIn and Twitter @QinetiQ. Visit our blog www.QinetiQ-blogs.com.

Disclaimer

This document contains certain forward-looking statements relating to the business, strategy, financial performance and results of the Company and/or the industry in which it operates. Actual results, levels of activity, performance, achievements and events are most likely to vary materially from those implied by the forward-looking statements. The forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words 'believes',' expects', 'predicts', 'intends', 'projects', 'plans', 'estimates', 'aims', 'foresees', 'anticipates', 'targets', 'goals', 'due', 'could', 'may', 'should', 'potential', 'likely' and similar expressions, although these words are not the exclusive means of doing so. These forward-looking statements include, without limitation, statements regarding the Company's future financial position, income growth, impairment charges, business strategy, projected levels of growth in the relevant markets, projected costs, estimates of capital expenditures, and plans and objectives for future operations. Forward-looking statements contained in this announcement regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Nothing in this document should be regarded as a profit forecast.

The forward-looking statements, including assumptions, opinions and views of the Company or cited from third party sources, contained in this announcement are solely opinions and forecasts which are uncertain and subject to risks. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to be correct. Actual results may differ materially from those expressed or implied by these forward-looking statements. A number of factors could cause actual events to differ significantly and these are set out in the principal risks and uncertainties section of this document.       

Most of these factors are difficult to predict accurately and are generally beyond the control of the Company. Any forward-looking statements made by, or on behalf of, the Company speak only as of the date they are made. Save as required by law, the Company will not publicly release the results of any revisions to any forward-looking statements in this document that may occur due to any change in the Directors' expectations or to reflect events or circumstances after the date of this document.

 

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