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(Alliance News) - QinetiQ Group PLC on Wednesday reinstated its dividend after pausing payouts due to Covid-19, and the defence technology firm said it expects annual financial results to beat consensus estimates.
The defence technology firm reported a "good first-half", despite Covid-19 uncertainty.
"Order intake throughout the first half continued to be particularly strong. Our focus on recovery delivered good revenue and profit performance during the second quarter resulting in us finishing close to our original targets, despite Covid-19 impact in the first quarter. Cash performance was also strong due to our proactive and robust cost management actions," QinetiQ said.
Its EMEA Services division experienced little hurt from the pandemic though its Global Products arm was faced with shorter order cycles, seeing "a greater impact from Covid-19 disruption".
QinetiQ declared an additional 4.4 pence dividend, equal to the postponed final payout for the financial year that ended March 31.
"The board also intends to reinstate the progressive dividend policy for financial 2021, with the interim and final dividend in line with the normal financial calendar," the company added.
What's more, QinetiQ forecast annual results "modestly" ahead of average consensus expectations. It noted average consensus is for revenue of GBP1.13 billion and operating profit of GBP128 million.
QinetiQ shares were 6.5% higher at 286.20p each in London on Wednesday morning.
By Eric Cunha; ericcunha@alliancenews.com
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