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QinetiQ Q3 Performance Positive; Maintains FY19 View - Quick Facts

QinetiQ Group plc (QQ.L), a defense, security and aerospace company, reported Thursday that it has continued to perform well in the third quarter. The company is maintaining expectations for Group performance in the current fiscal year 2019.

In its third-quarter trading update, the company said the EMEA Services division continued to deliver encouraging organic order and revenue growth compared to the prior year. Revenue under contract and operating profit were in line with expectations.

Discussions with the UK Ministry of Defence on the remaining scope of the Long Term Partnering Agreement or LTPA for test and evaluation services continue to make good progress. The company said it aims to secure pricing to 2028 and agree a similar level of investment and recovery mechanism to the December 2016 LTPA amendment.

Further, the Global Products division delivered positive organic order and revenue growth compared to the prior year, with underlying operating profit improving during the third quarter. Revenue performance was particularly strong in QinetiQ North America.

QinetiQ will report its preliminary results for FY19 on May 23.

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