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QinetiQ expects revenue hit from pandemic, continues to work

The firm said its work is “vital to maintaining the capabilities of defence, security and critical national infrastructure, including the emergency services”

QinetiQ - QinetiQ expects revenue hit from pandemic, continues to work

QinetiQ Group PLC (LON:QQ.) said worldwide restrictions to prevent the spread of coronavirus are expected to hit revenues.

The hi-tech weapons and defence firm said it is working with customers to “understand their immediate priorities”.

READ: Qinetiq strengthens training capability with £14mln simulation specialist

Many employees are still working on site with enhanced safety measures, as QintetiQ’s work is “vital to maintaining the capabilities of defence, security and critical national infrastructure, including the emergency services”.

The company said it is postponing the proposal of a dividend for the year to 31 March, while the board has agreed to salary cuts.

The financial year ended with £60mln in net cash, plus an undrawn committed revolving credit facility of £275mln.

Shares dropped 5% to 306.36p on Wednesday at the opening bell.

Quick facts: QinetiQ

Price: 258.4 GBX

LSE:QQ.
Market: LSE
Market Cap: £1.48 billion
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