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Jack
I agree. I expect a flurry of buys in anticipation of defence investment announcements in the new political session.
UBS have their head in the sand.
QQ are throwing off good cash flow. £3.1Bn of funded Order Backlog. 96% of FY 20 Revenues are already locked in. Progressive dividend policy.
I think you are right to stay put as I expect the next two years to be very rewarding
Jack
pleasant surprise today .UBS have had QQ. as a sell for months....glad i'm still in
Yep, great results.
Some say the internal goal is to transition into the FTSE 100. Long way to go, but if the desire is there then watch this space
Jack
Defence technology company QinetiQ said interim underlying operating profit rose 16% to £59.7m as it reported a "good performance" across the business.
Revenue was £486.5m, up 10% on an organic basis, driven by new work from a battlefield tactical communications information systems contract, the company said on Thursday.
Stautory pre-tax profits rose to £59.3m from £52.7m a year earlier.
Global Products revenue was up 14% organically, principally driven by sales of target systems, it added.
Underlying earnings per share for the group were 9.2p, up from 8.1p a year earlier, with the increase primarily due to strong trading and top line revenue growth.
Statutory basic earnings per share for the total group were up to 11p from 8.9p with the current period enhanced by a £13.3m gain on disposal of surplus property.
Qinetiq last month said it had bought Manufacturing Techniques (MTEQ) on a cash-free, debt-free basis for $105m. The transaction is subject to US government approval and is expected to close towards the end of the 2020 fiscal year.
Chief executive Steve Wadey said the company was maintaining expectations for full year operating profit with "high single digit revenue growth".
"Our focus for the remainder of the year is to win further campaigns globally, successfully deliver key programmes, and complete the acquisition of MTEQ to transform the scale of our US operations as we build an integrated, global defence and security company."
Good results today.
Great to see QQ bolstering the US operation, the largest defence market in the world, with the acquisition of MTEQ.
With the cash QQ are throwing off from existing operations, it's good to see some of this being put toward a strategic US acquisition with solid growth history & potential.
Punching through SP £3+ is still eluding us, but at least reinvesting the Dividends is good for Long Term Shareholder return.
Jack
2 October 2019. QinetiQ announces that it has entered into an agreement to acquire Manufacturing Techniques Inc. (MTEQ) on a cash-free, debt-free basis for $105 million to be paid in cash on completion and an earn-out of up to $20 million payable in cash and shares dependent on delivering stretching financial targets over three years.
MTEQ is a leading US provider of advanced sensing solutions with a strong reputation for mission-led innovation, rapidly developing and fielding operationally relevant solutions to deliver information advantage to the warfighter. In the 12 months to 31 August 2019, MTEQ generated $167.4 million of revenue, $11.4 million of EBITDA, and $11.0m of EBITA on an unaudited basis.
That a Non Exec, picks up 50,000 shares @ 293 for £146.6k
We are also buyers at this extraordinary price!
Jack
Defence technology company Qinetiq posted better-than-expected full-year results on Thursday as it backed its expectations for 2020.
In the year to the end of March 2019, underlying pre-tax profit increased 2% to £124.0m on revenue of £911.1m, up from £833m the year before, with orders 32% higher. Analysts had been expecting profit of £115.1m and revenue of £877.5m.
The full-year dividend per share was lifted to 6.6p from 6.3p a year earlier.
During the period, the company secured a £1.3bn amendment to a long-term partnering agreement (LTPA) with the UK Ministry of Defence, won five competitive long-term programmes and completed one acquisition and one strategic investment to grow its training offering.
Chief executive officer Steve Wadey said: "This has been an excellent year with strong operational performance. By improving our customer focus and competitiveness, we have delivered a third successive year of revenue growth, increased our international revenue share from 21% to 30% over the last three years, offset the UK single source profit headwind and delivered organic profit growth.
"Securing the LTPA amendment and winning five major competitive, long-term programmes demonstrates that our strategy is working, providing a platform for sustainable profitable growth."
For FY20, the group maintained its expectations, excluding non-recurring trading items, "with revenue growth at stable margins resulting in continued operating profit progression".
At 0940 BST, the shares were up 3.8% at 308.20p.
Yes. The market is responding to excellent results.
Revenue up £80M to £911M
Orders up 32% with an Order Backlog of £3.1 BN
5% increase in year end Dividend. 4.5p paid on 30 Aug 19, to Shareholders as at 02 Aug 19.
£191M cash on Balance Sheet.
Plenty of decent Order wins
A good read for the bank holiday weekend. Steve Wady is definitely driving the Growth phase
Jack
Judging by last year, results are due next Thursday.
We have been hovering around £3 for some time now but I expect an upbeat results announcement showing plenty of growth. Progressive Dividend policy, so 4.8p could be on the cards for Aug payout.
No one else interested it appears.
Jack
I didn’t get the dip under 3 quid when the Penson buy in was announced ?
Sorts out the risk and no cash parted with, although there was a write down on the Balance Sheet. Don’t know to much about pension buy-ins but they look good news to me
https://www.mercer.com/content/dam/mercer/attachments/north-america/us/pensionrisk/13304-MG_BuyIn_SEC.pdf
I think Investors should be concentrating on QQ growth prospects. After Leo’s cost reduction program we are now in the Steve W growth phase.
Watch this space, as IMO all current indicators look good.
Jack
Excellent trading update today, with upbeat view on performance and Order Backlog. Global Products looks interesting with underlying operating profit improving during Q3.
Preliminary Results due 23 May 19.
Solid Balance Sheet, Cash generative and progressive dividend policy.......
Needs a spurt over 3 quid to stay there or some cracking news to get SP momentum
Jack
Good to see QQ's nose in front of £3 again.
Ex Div on Friday 11th Jan 19 @ 2.1p per share (a third of annual Divi)
Jack
i don't think the results justify such a negative reaction. After all, profits are up. Perhaps, it's the decline in the order book that is a concern. But that's always the case. Sentiment is negative at the moment, especially after ULE reported poor results. Even companies that deliver good results are sold off. I think there will be consolidation in the defence industry.
Results look pretty good to me but the shares are down 10p. Maybe time to buy a few more and average down
Surely these interim results show the SP is quite a bit oversold? Great price at the moment IMO.
Take a look at ULE. Market place association. i guess the city may be anticipating similar.
know why the price has dropped so much in the past few sessions ?
You both did a tad better than me and reckon you were both up and with it a bit earlier than me. Schools were going back here so I was making packed lunches first thing and couldn't believe my eyes when it was up more than 7% for no apparent reason. Moved the money to Hik and by lunch time had made a similar return there so went for a afternoon nap. Looking to make a few bob on an oil play now. Good luck - certainly can be a little goer this one and the directors are buying.
Mine got sold for 253.5 yesterday, had 250 limit set. Just bought them back.
again at 233. Seems yesterdays spike down to a positive note from Barclays. Maybe they can re-issue it !
any idea what caused the spike today ? I sold my small holding at just above 253 but might well buy back in again now that the price has slipped to around 240.
BBC reporting Goldman Sachs have upgraded to a hold from sell. Good news, can't find a price target as yet.
this morning went ex divi a while ago. Can't find any news to explain but doubtless somebody somewhere knows what's going on.
I see hyboy on the other site thinks the drops have been overdone. Anyhoo with ex divi date approaching lifting a bit now.
surprisingly vote to 'Remain'.......... http://www.independent.co.uk/news/world/europe/italy-referendum-exit-poll-suggests-victory-for-no-a7455576.html