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Qinetiq Group PLC on Tuesday said that it expects to deliver in line with expectations for financial 2024, following a strong third quarter. The Farnborough, Hampshire-based defence technology firm touted a ‘good operational performance’ in the third quarter, with revenue growth and operating profit margin in line with guidance. In the year to date, Qinetiq also noted strong order intake, with orders at around £1.35 billion and revenue under contract for the full year improving to 95% - higher than at the same point a year previously. Looking forward, the firm said it remained on track to deliver in-line with expectations for the year ending March 31. Analyst expectations are for revenue of £1.87 billion, and operating profit of £210 million. Also on Tuesday, Qinetiq announced plans to launch a £100 million share buyback programme in February. If approved, the programme is expected to be completed in two separate tranches of £50 million each, commencing on or around February 6, and is expected to run for a period of approximately 12 months from commencement. ‘Our excellent order intake demonstrates the continuing demand for our high-value, cutting-edge services and products. Our operational performance in the third quarter underlines our confidence in delivering another year of good organic growth at stable margins with strong cash conversion,’ said Chief Executive Officer Steve Wadey. Qinetiq will release financial 2024 results on May 23. Qinetiq shares were trading 7.3% higher at 341.40 pence each in London on Tuesday morning. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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