Wednesday, September 10, 2008

MOD sale of shareholding in QinetiQ Group plc

09 September 08

MOD sale of shareholding in QinetiQ Group plc

QinetiQ notes today’s announcement by the UK Ministry of Defence (“MOD”) concerning the completion of the sale of its shareholding in QinetiQ Group plc.

Commenting on the sale, Sir John Chisholm, QinetiQ non executive chairman said; “The MOD’s sale of QinetiQ shares is consistent with its previously stated intention that it would sell its entire holding of ordinary shares. Our commercial relationship with the MOD is unaffected by this sale. MOD retains its special share in the company which has no economic value but, in common with other privatised companies with strategically important roles, allows the Government to protect the national interest.

"The QinetiQ Board welcomes the announcement which it believes will broaden the shareholder base of the company."

Notes to Editors:
• MOD today sold all its remaining 124,885,445 ordinary shares at a price of 206p per share with a total value of £257.3 million.

• 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 the world's leading provider of defence and security based technology solutions and services.

• 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.

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