Sale of OptaSense to Luna

RNS Number : 4232H

QinetiQ Group plc

03 December 2020

 

News Release

QinetiQ Group Plc

Sale of OptaSense to Luna

3 December 2020. QinetiQ today announces it has reached an agreement to sell OptaSense Holdings Ltd ("OptaSense") to Luna Innovations Inc. ("Luna") for a cash consideration of £29m.

QinetiQ created OptaSense in 2008 and it has become a global leader in distributed fibre optic sensing solutions, delivering decision-ready data in multiple vertical markets, including pipelines, oil and gas, border and perimeter security, transportation, and power and utilities. In the year ended 31 March 2020 OptaSense generated revenue of £24.2m and has been reported within Global Products.

The decision to divest OptaSense has been a strategic choice to allow increased focus on our core capabilities.

Steve Wadey, QinetiQ CEO, said:

"Our vision-based strategy to drive growth through mission-led innovation means that we continually review our portfolio of businesses for their strategic contribution within the Group. We are therefore delighted to have announced the sale of OptaSense to Luna, who can provide greater synergies and relevant market access to enable its future growth."

OptaSense was classified as held for sale in our Interim Results, therefore the disposal of OptaSense does not change our full year guidance provided on 12 November 2020.

Duff & Phelps Securities acted as exclusive financial advisor to QinetiQ.

About QinetiQ:

QinetiQ 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 .

For further information please contact:

John Haworth, Group Head of Investor Relations:	[phone]
Chris Barrie, Citigate Dewe Rogerson (Media enquiries):	[phone]

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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