(Alliance News) - QinetiQ Group PLC on Wednesday said it continues to maintain its expectations for the full year on strong performance through its third quarter.
The FTSE 250-listed defence technology firm said that in its third quarter ended December 31, its EMEA Services division continued to have "good momentum" with "very limited impact" from Covid-19 as it highlighted the division benefits from long-term contracts and delivers work critical to sovereign defence capabilities.
It added its Global Products division has continued to show top-line growth, driven by the contribution of the advanced sensing solutions business, formerly known as MTEQ. It said the Targets business is showing positive signs of recovery in the second half following Covis-19 related disruptions in the second half.
As a result, QinetiQ said: "While we remain cautious and alert to the changing Covid-19 environment, we are on-track for our fifth consecutive year of organic growth and we continue to maintain our expectations for the full year."
This comes after Farnborough-based QinetiQ said in November: "We now expect to deliver low double-digit revenue growth with operating profit margins broadly consistent with our first half performance, reflecting lower Coid-19 impacts but higher digital transformation investment in the second half. Delivering this guidance will result in the group's financial 2021 results being modestly ahead of current average consensus expectations."
The average forecast for financial 2021 as the time put revenue at GBP1.15 billion and operating profit at GBP130 million. For comparison, revenue for financial 2020 was GBP1.07 billion and operating profit was GBP117.6 million.
Shares in QinetiQ were trading flat at 320.60 pence each on Wednesday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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