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QinetiQ Group PLC on Wednesday backed annual guidance, despite a ‘challenging macro-economic environment’.
The Hampshire-based science and engineering company said it delivered a ‘strong’ performance in the first half ended September 30.
First half order intake rose 18% year-on-year to £800 million from £678 million a year ago.
It hailed recent contract wins in its Europe, Middle East & Africa Services arm, including a £32 million three-year deal for a combat air system programme with the UK Ministry of Defence.
QinetiQ said it has more than 90% of its financial 2023 revenue under contract. Looking ahead, it remains confident to deliver in-line with its expectations for the full-year.
‘Against an uncertain and evolving economic backdrop, I am delighted that we have delivered strong and consistent operational performance in the first half of the year,’ Chief Executive Officer Steve Wadey said.
He added: ‘Our strategy to perform and grow continues to build momentum across the group, demonstrated by excellent order intake, good organic revenue growth, profit in-line with our expectations and three strategic transactions in the first half of the year.’
In May, the company reported a 3.1% rise in revenue to £1.32 billion for financial 2022 from £1.28 billion the year before. Pretax profit fell to £119.7 million from £142.6 million.
The firm will publish its interim results on November 10.
QinetiQ shares were up 0.7% at 348.87 pence each on Wednesday morning in London.
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