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QinetiQ Group PLC on Thursday said trading in the first quarter of its current financial year was strong as demand for its EMEA Services business continued to grow.
For the financial year ending March 31, 2023, the firm expects annual mid-single digit organic revenue growth and operating profit between 11% and 12%.
QinetiQ's ‘visibility on revenue under contract for the financial year 2023 has increased to £1.05 billion, up from £900 million at April 2022’, it added.
‘We have seen a strong start to the year in EMEA Services and continued good progress in the US and other areas of Global Products. Overall, the group is showing continued growth and profitability in-line with our expectations, both in the short and medium term,’ the company said.
It added: ‘Recent world events have reinforced the long-term needs of our customers, including capabilities utilising differentiated technology, alongside test and training solutions that are directly aligned with our strategy,’ citing rising defence spending in its three home countries the UK, the US and Australia.
QinetiQ is a Hampshire-based science and engineering company operating primarily in the defence, security and critical infrastructure markets.
QinetiQ shares were up 0.2% at 378.40 pence each in London on Thursday morning.
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