24th Jul 2019 09:26
(Alliance News) - QinetiQ Group PLC said Wednesday the FTSE 250-listed firm made a "good" start in the first quarter, with expectations remaining that the defence engineer will deliver mid-single-digit revenue growth for the full year.
QinetiQ explained it delivered a "strong operational" performance across the group. Revenue under contract has grown to 85% of expected levels for the full year, up from 74% in April.
For the full year ending March 2020, QinetiQ expects "mid-single-digit" growth to revenue from the GBP911.1 million reported the year prior. Meanwhile, margins are expected to remain "stable" meaning, operating profit progress is expected to continue.
"Our strategy to focus on our customers' needs and grow the company, whilst enhancing returns for shareholders, continues to gather momentum," QinetiQ said in a statement.
"In the first quarter, we have delivered a number of milestones that demonstrate progress in leveraging investments in our core capabilities, such as the recently renegotiated Long Term Partnering Agreement contract with the UK Ministry of Defence, and the acquisitions of QinetiQ Germany and QinetiQ Target Systems," QinetiQ added.
"We continue to pursue strategy-led investments in further organic opportunities and complementary acquisitions to drive sustainable growth in the years ahead."
Shares in QinetiQ were 2.9% higher at 285.20 pence in London on Wednesday.
Related Shares:
Qinetiq