Qinetiq on track to meet expectations after 'good' Q3

Defence technology company Qinetiq said on Wednesday that it was on track to meet expectations after a "good" third quarter.

The company, which announced on Monday that it had won an £80m contract with the Ministry of Defence, said it "continued to deliver good operational performance in Q3".

Order intake remained strong, with orders and revenue year-to-date now at more than £1bn, and with profit and cash performance in line with expectations.

"We remain on track to deliver in line with expectations for FY23, as outlined at our interim results on 10 November 2022," it said.

The group successfully completed both its Air Affairs and Avantus acquisitions in October and November of last year, respectively, and said it is now focused on integration of both businesses, "to create opportunities for our customers and employees."

"Both businesses have continued to perform consistently and we are progressing well with early stages of our integration plan," it said.

Qinetiq hailed good progress across both EMEA Services and Global Products.

"Overall, the group is showing good growth and profitability in-line with our expectations, both in the short and medium term," it said.