(Alliance News) - QinetiQ Group PLC on Wednesday said its revenue, profit and cash are in-line with expectations for its current financial year.
Hampshire, England-based QinetiQ is a science and engineering company operating primarily in the defence and security markets.
Strong group operational performance has meant Qinetiq had made a good start to the new financial year, which runs to March 31, 2022. Orders, revenue, profit and cash are in-line with expectations.
Visibility on revenue under contract for financial 2022 has increased to GBP940 million, a rise of 18% from GBP800 million back in April. Consequently, QinetiQ said it remains confident of delivering in line with its expectations, with organic revenue growth at a 11% to 12% operating profit margin, rising to 12% to 13% operating profit margin in the medium term.
Among divisions, EMEA Services has seen a strong start to the year, with continued good order intake in the Cyber & Information business and strong revenue growth in the Maritime & Land business. This is partially offset by a slower quarter for Global Products due to lower year-end backlog, the firm said.
The firm is continuing to make strides in its strategy to generate revenue of more than GBP2 billion per annum. QinetiQ remains focussed on its six home and priority countries consisting of the US, UK, Australia, Canada, Belgium and Germany.
Through the first quarter the firm made strong progress in its international markets, it said. In Germany, QinetiQ saw strong recovery in training flying hours, and in Belgium it won a contract with the European Space Agency to deliver and operate a new satellite.
Shares in QinetiQ were down 0.1% at 341.20 pence each in London on Wednesday morning.
By Amrit Sahota; newsroom@alliancenews.com
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