|
QinetiQ Group PLC on Thursday highlighted a record order backlog, and an operational performance in line with market expectations, despite tough trading conditions in the first half of its financial year. The Hampshire, England-based defence technology group said pretax profit fell 39% to £38.3 million in the six months that ended September 30 from £63.0 million a year prior, or by 5.1% to £76.8 million from £80.9 million on an underlying basis. Underlying operating profit declined 9.9% to £96.0 million from £106.6 million. Earnings per share dropped 36% to 7.1 pence from 11.1p but were flat at 14.2p on an underlying basis. Despite the lower earnings, QinetiQ raised its dividend by 7.1% to 3.0p per share from 2.8p. Revenue fell 4.9% to £900.4 million from £946.8 million, with organic revenue down 3%, due to US restructuring and tough near-term market conditions. ‘Operational performance in the half has been in line with our expectations. Despite tough market conditions, we delivered against our record order backlog and implemented our restructuring activities, including disposal of the US Federal IT business,’ said Chief Executive Steve Wadey. Order intake more than doubled to £2.42 billion from £1.03 billion a year ago, with a unded order backlog of £4.35 billion, up from £2.94 billion. QinetiQ said full-year guidance is unchanged and it is on track to deliver around 3% organic revenue growth before currency movements and the compay’s Federal IT disposal. It continues to expect EPS growth of 15% to 20%. The company reported revenue of £1.93 billion and underlying EPS of 26.1p in the financial year that ended this past March. Shares in Qinetiq were 3.8% higher at 458.60p each in London on Thursday. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
