12th Oct 2022 10:21
(Alliance News) - QinetiQ Group PLC on Wednesday backed annual guidance, despite a "challenging macro-economic environment".
The Hampshire-based science and engineering company said it delivered a "strong" performance in the first half ended September 30.
First half order intake rose 18% year-on-year to GBP800 million from GBP678 million a year ago.
It hailed recent contract wins in its Europe, Middle East & Africa Services arm, including a GBP32 million three-year deal for a combat air system programme with the UK Ministry of Defence.
QinetiQ said it has more than 90% of its financial 2023 revenue under contract. Looking ahead, it remains confident to deliver in-line with its expectations for the full-year.
"Against an uncertain and evolving economic backdrop, I am delighted that we have delivered strong and consistent operational performance in the first half of the year," Chief Executive Officer Steve Wadey said.
He added: "Our strategy to perform and grow continues to build momentum across the group, demonstrated by excellent order intake, good organic revenue growth, profit in-line with our expectations and three strategic transactions in the first half of the year."
In May, the company reported a 3.1% rise in revenue to GBP1.32 billion for financial 2022 from GBP1.28 billion the year before. Pretax profit fell to GBP119.7 million from GBP142.6 million.
The firm will publish its interim results on November 10.
QinetiQ shares were up 0.7% at 348.87 pence each on Wednesday morning in London.
By Xindi Wei; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.
Related Shares:
Qinetiq