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(Alliance News) - QinetiQ PLC on Wednesday said it expects annual results to beat previous guidance as well as current market consensus.
Shares in the company were 1.6% higher at 342.88 pence each in London on Wednesday morning, one of the best performing mid-cap stocks.
The Farnborough, Hampshire-based defence technology firm expects revenue to rise 5% on an organic basis in the financial year that ended March 31. It expects underlying operating profit of at least GBP135 million, which would be down 11% from GBP151.6 million in financial 2021. Revenue in financial 2021 amounted to GBP1.28 billion.
According to the company-compiled consensus estimate, last updated in mid-February, QinetiQ is expected to report revenue of GBP1.32 billion and an operating profit of GBP133.0 million.
The company said order intake for the year to March 31 was "very strong" at more than GBP1.2 billion.
QinetiQ's fortunes were helped by "significant growth" in the EMEA Services arm. The unit provides services such as training and research for maritime and air & space clients. It also provides cyber threat response services.
The unit's strength was "partially offset by the slower recovery" in Global Products, a division which develops items including small satellites and robotics-specialised defence products.
By Eric Cunha; ericcunha@alliancenews.com
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