(Alliance News) - Defence contractor QinetiQ Group PLC on Tuesday maintained its expectations for the financial year ending March 31, and said that it has bought training and simulation solutions provider Newman & Spurr Consultancy Ltd for GBP14 million.
The Farnborough, England-based company said it continued to perform in line with management expectations in the third quarter to December 31 and continues to maintain expectations for a full-year operating profit with high single-digit revenue growth.
EMEA Services and Global Products have both delivered organic order and revenue growth in line with management expectations, the company said.
On the Newman & Spurr acquisition, QinetiQ said NSC "offers a range of attractive training and simulation solutions, primarily in land and joint training areas". The deal will enhance QinetiQ's capability in areas such as modelling & simulation, synthetic environments, and operational analysis, it said.
In the 12 months to July 31, 2019, Newman & Spurr generated GBP5.9 million in revenue and GBP1.3 million in earnings before interest, tax, depreciation and amortisation.
Shares in QinetiQ were up 3.9% at 370.00 pence each in London on Tuesday morning.
The company is scheduled to release its financial 2020 results on May 21.
By Tapan Panchal; tapanpanchal@alliancenews.com
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