Qinetiq delivers 'strong' Q2 performance
QinetiQ Group
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15:45 15/11/24
Defence technology company Qinetiq delivered "a strong second quarter", resulting in improved organic revenue growth and operating profit margins in the first half.
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Qinetiq said on Wednesday that its global solutions unit "performed well", with the former Avantus business in the US continuing to deliver revenue at double-digit margins, while its EMEA Services wing also continued to trade strongly, with "impressive organic revenue growth" and an "improved profit margin".
The FTSE 250-listed also highlighted that it had secured a record first-half order intake of roughly £950.0m, increasing its order backlog and improving its revenue under contract for the full year to 90%.
Whilst Winetiq noted that cash conversion in the first half was lower than the prior year due to short-term timing, it said full-year cash conversion will be in line with its previous guidance.
"With significant new orders and major contract renewals, we have de-risked the second half and are on track to deliver another year of good organic revenue growth at stable margins in line with our full-year expectations and long-term guidance," said Qinetiq.
As of 0835 BST, Qinetiq shares were up 0.92% at 327.60p.
Reporting by Iain Gilbert at Sharecast.com