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Qinetiq Group PLC on Tuesday said it is on track to meet guidance, but it reported ‘slower than expected’ order intake in the UK. The Farnborough, England-based defence technology firm’s shares fell 11% to 373.20 pence each on Tuesday morning in London. Qinetiq, in a trading statement covering its third-quarter to December, noted that UK short-term orders had been slower than expected ‘due to the fiscal environment’. As a result, the defence company said it has moved to ‘resize some of our capabilities’ in its UK intelligence arm. ‘Our UK Defence business which has greater exposure to longer duration contracts has remained strong,’ it added. ‘We have continued to deliver revenue growth in EMEA Services, where good visibility in the medium term has not changed and the opportunity set of major programmes is strong,’ Qinetiq said. ‘Order intake remains robust with stable revenue in Global Solutions, despite headwinds in the contracting environment in the US.’ The firm continued: ‘With increasing spending over the long-term in our core markets and our capabilities aligned to the evolving threat environment, we continue to secure a number of highly relevant and strategic programmes. Order intake is in line with last year at £1.3 billion.’ It still expects high single digit organic revenue growth for the full-year. Chief Executive Steve Wadey commented: ‘I am confident that Qinetiq remains well positioned to deliver long-term growth and value creation.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
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