20th Jul 2023 11:11
(Alliance News) - Qinetiq Group PLC on Thursday said it was on track to deliver year end expectations, with a "good first quarter performance".
Qinetiq, a Hampshire, England-based science and engineering company operating in the defence, security and critical infrastructure sectors, said it had a made a positive start to its financial 2024, which will end on March 31.
The company's visibility on revenue under contract for financial 2024 increased 18% to GBP1.3 billion, up from GBP1.1 billion in April.
Chief Executive Officer Steve Wadey said: "The global security situation continues to highlight the importance of defence and security and we remain focused on our three home countries who have a shared defence and security mission under the trilateral partnership known as AUKUS [Australia, UK, US].
"We continue to see a significant opportunity from the widening threat spectrum, with our six distinctive offerings well aligned to areas of the defence and security budgets where greatest priority and funding is being directed, such as experimentation and technology, cyber and information advantage, and training and mission rehearsal."
The company said its ambition for revenue of GBP3.00 billion by 2027 remained on track, and that it had raised its strategic ambitions for the company to double revenue and profit in that period.
Shares in Qinetiq were up 0.1% at 351.40 pence in London on Thursday morning.
By Will Neill, Alliance News reporter
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