14th Nov 2019 08:40
(Alliance News) - QinetiQ Group PLC on Thursday kept annual forecasts unchanged after reporting double-digit earnings growth in the first half of its current financial year.
The stock was trading 3.2% higher in morning trade in London at 332.20 pence a share.
The Farnborough, Hampshire-based defence technology company reported a pretax profit of GBP71.3 million for the six months to the end of September, up 35% compared to GBP52.7 million a year prior, as revenue grew by 16% to GBP486.5 million from GBP420.3 million.
"We delivered a strong first half result, with organic growth in orders, revenue and profit driven by a good performance across our businesses, both in the UK and internationally," said Chief Executive Steve Wadey.
QinetiQ declared an interim dividend of 2.2p a share, slightly higher than 2.1p it paid a year before.
Looking ahead, the FTSE 250-listed company maintained expectations for full year operating profit, and forecasts 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," added Wadey.
QinetiQ announced the acquisition of sensing solutions firm Manufacturing Techniques Inc - or MTEQ - in the beginning of October for up to USD125 million.
By Evelina Grecenko; [email protected]
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