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(Alliance News) - QinetiQ PLC on Thursday lifted its dividend by 4.3% as interim revenue and profit surged.
For the six months that ended on September 30, revenue increased by 12% to GBP673.4 million from GBP600.1 million the year before.
Pretax profit surged to GBP104.5 million from GBP42.4 million, as orders grew to GBP798.8 million from GBP677.8 million.
Earnings before interest, tax, depreciation and amortisation jumped to GBP132.5 million from GBP73.3 million a year earlier.
Chief Executive Officer Steve Wadey said: "Our first half results demonstrate the strong demand we continue to see from our customers for our distinctive offerings. We have delivered good programme execution and delivery across all our major contracts. Our home countries of UK, US and Australia have all achieved significant organic growth and the US has performed particularly well, delivering improved and consistent performance."
Net cash at Sep 30 grew to GBP264.0 million from GBP139.2 million a year ago.
QinetiQ declared an interim dividend of 2.4 pence per share, up 4.3% from 2.3p a year prior.
Looking ahead, QinetiQ said it's increasing revenue guidance, and will deliver profit in line with financial 2023 expectations. Capital expenditure is expected towards the middle of GBP90 million to GBP120 million expected range.
It said it expects revenue to grow revenue to more than GBP2.3 billion by financial 2027, and targets an operating profit margin of 12%-13% in the mid to long-term.
Shares were down 1.8% at 355.20 pence each on Thursday in London.
By Xindi Wei; xindiwei@alliancenews.com
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