Disposal

RNS Number : 2384S

QinetiQ Group plc

14 May 2009

 



QinetiQ Group plc

14 May 2009

QinetiQ announces the disposal of its underwater systems business 

QinetiQ Group plc today announces that it has reached an agreement to sell its underwater systems business based in Winfrith, Dorset to Atlas Elektronik UK for a cash consideration of £23.5m.  

The transaction is in line with QinetiQ's strategy to dispose of certain non-core assets within its EMEA business and reallocate capital into higher growth investments.

As is normal with such transactions in the UK defence market, the agreement is subject to regulatory approval and is expected to complete this summer.  

ENDS

For further information please contact:  

David Bishop, Media Relations            [phone]  

Lucinda Davies, Investor Relations     [phone]  

Notes for Editors:  

QinetiQ (pronounced 'kinetic') is a leading international defence and security 

technology company with over 8,000 employees in EMEA (Europe, Middle East and Australasia) and more than 5,500 in North America. QinetiQ's vision is to be recognised internationally as a leading provider of technology-based services and solutions to customers in defence, security and related markets. In February 2006, QinetiQ Group plc was listed on the London Stock Exchange and joined the FTSE250 in June 2006. In the year to 31 March 2008, QinetiQ delivered a 19 per cent increase in revenue to £1,366m, including organic growth of 8.6 per cent, and a 20 per cent increase in underlying operating profit to £127m. Underlying earnings per share increased by 19% to 13.4p per share.

QinetiQ publishes its 2008/09 full year results on 21 May 2009.

QinetiQ's underwater systems business, based in Winfrith, Dorset employs approximately 220 employees.  It operates in the areas of hydro-acoustics, sonars, open architecture sonar and combat management systems, acoustic counter measures, submarine signatures, maritime security and control of unmanned maritime vehicles. The business is a provider to the UK Ministry of Defence and other defence departments and corporate customers internationally.

Atlas Elektronik GmbH, the parent company of Atlas Electronik UK, is a company jointly owned by ThyssenKrupp and EADS. 

 

END

 

 

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