General Election will not be de-stabilising says QinetiQ

DEFENCE supplier QinetiQ Group has said any uncertainty surrounding the outcome of May’s General Election is unlikely to have a destabilising effect on the group’s future trading.

In an interim management statement covering the period from September 30, 2014 to date, the company said that despite markets remaining challenging it was content to reaffirm its previous guidance so far as full year performance is concerned.

The period has seen upheaval for the company following the resignation of its chief executive Leo Quinn prior to his move to Balfour Beatty.

The company, which has an operation in Malvern, has already confirmed the appointment of Steve Wadey as its new Chief Executive Officer. Wadey, who is currently the managing director of MBDA UK, will join QinetiQ on April 27.

In its outlook, the group said EMEA Services’ performance was expected to remain steady this year despite the MOD transformation programme and the changes to the budgetary environment resulting from the upcoming General Election and subsequent Strategic Defence and Security Review.
 
“Together, these will create some short-term uncertainty but also provide opportunities for EMEA Services to build on its strong record of delivering ‘more for less’,” it said.

“At the same time there remains a range of possible outcomes for the performance of Global Products in the current year as the division has a lumpy revenue profile which is dependent on the timing and shipment of key orders.

“Although newer products are recording notable milestones, the drawdown of American overseas military forces is continuing to depress demand for conflict-related products.”  

Balfour Beatty announces new chairman

CONSTRUCTION group Balfour Beatty has confirmed the appointment of Philip Aiken as its new non-executive chairman. The appointment takes effect from March 26, 2015.

Aiken has extensive experience in the industrials and resources sector having worked across the UK, US, Asia and the Middle East.  He is currently non-executive chairman of Aveva Group, a non-executive director of National Grid and of Newcrest Mining Ltd.   

Current chairman Steve Marshall will retire from the board on March 25, 2015.  Peter Zinkin, Planning and Developments Director will also step down from the board on the same date and will retire in August.

Leo Quinn, chief executive, Balfour Beatty said: “Philip has many years of highly relevant international board-level experience at the top of industry and we look forward to his valuable contribution to the business, including areas of paramount importance to the group such as safety.

“The board is focused on the group wide transformation programme and capturing the significant opportunity to drive leaner stronger processes, improved profits and strong cash generation to the benefit of our shareholders.

“We would like to thank Steve and Peter for their many years of commitment and determination and wish them well for the future.”

National Grid NED steps down after Balfour Beatty appointment

MIDLANDS utility National Grid has confirmed that following his appointment as chairman of Balfour Beatty. Philip Aiken will step down as a non-executive director of the company with effect from February 25. 2015.
 
Sir Peter Gershon, chairman of National Grid, said: “On behalf of the board I would like to thank Philip for his contribution over the last six years. He has played an important role in chairing our Safety, Environment and Health Committee as well as contributing widely to our discussions on performance, governance and risk. We wish him well in his new role.”