20th Jul 2016 06:51
LONDON (Alliance News) - Defence technology company QinetiQ Group PLC said trading in its first quarter to the end of June was in line with its expectations.
The FTSE 250-listed company said revenue under contract in its EMEA Services division was broadly similar year-on-year in the quarter and in line with expectations, despite some continued "descoping" on its contracts and delays to orders.
The Global Products unit, meanwhile, has revenue under contract for the financial year to March 2017, slightly higher than a year prior, but its performance will remain dependent on the timing and shipment of key orders. Global Products, QinetiQ noted, has shorter order cycles than the EMEA Services unit and therefore a "more lumpy revenue profile".
QinetiQ reaffirmed its guidance for the year ahead.
By Sam Unsted; [email protected]; @SamUAtAlliance
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