QinetiQ maintains full-year guidance despite macro challenges
By Josh White
Date: Wednesday 12 Oct 2022
(Sharecast News) - QinetiQ Group maintained its full-year guidance in a trading update on Wednesday, having delivered "strong and consistent" operational performance in its second quarter.
The FTSE 250 company said order intake was "excellent", with first half orders at around £800m - up 18% year-on-year - alongside "good" organic revenue growth, profit in-line with expectations, and "strong" cash conversion.
It said that with more than 90% of its 2023 revenue under contract, it was confident in its expectations for the full year, despite the challenging macroeconomic environment.
"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," said group chief executive officer Steve Wadey.
"We remain focused on disciplined execution of our strategy to build an integrated global defence and security company, delivering high-value solutions for our customers.
"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."
QinetiQ said it would publish its full interim results on 10 November.
At 1012 BST, shares in QinetiQ Group were up 0.58% at 348.6p.
Reporting by Josh White at Sharecast.com.
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