26th May 2016 06:43
LONDON (Alliance News) - QinetiQ Group PLC on Thursday said its pretax profit and revenue dipped in the year to March 31 as defence markets remained challenging.
The FTSE 250-listed defence services company said its pretax profit for the recently completed financial year fell to GBP90.2 million from GBP105.4 million the year earlier, primarily due to higher one-off charges being booked.
However, revenue also slipped to GBP755.7 million from GBP763.8 million. While orders increased 8.0%, the defence industry remains constrained by budget cuts and project delays, the company said.
QinetiQ said it has secured 74% of its projected revenue for the 2017 financial year, its current year, slightly lower than the 77% secured at the same time a year earlier, and it maintained its expectations for the year.
The group will pay a 3.8 pence final dividend, up from 3.6p, meaning its total payout rises 5.6% to 5.7p from 5.4p.
"Last year we delivered a solid operating performance in challenging markets. The expertise of our scientists and engineers is well matched to emerging themes in global markets. We are capable of more. I have set out our vision and strategy, reorganised the company and launched a transformation programme. These changes are creating the conditions for growth," said Chief Executive Steve Wadey.
By Sam Unsted; [email protected]; @SamUAtAlliance
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