logo-loader

QinetiQ on the march after strong growth in new orders

Published: 09:32 14 Nov 2019 GMT

Soldiers plus dog
The previously announced acquisition MTEQ should transform the scale of QinetiQ's US operations

Shares in weapons designer QinetiQ Group PLC (LON:QQ.) rocketed to a 52-week high after a set of well-received interim results.

The shares were up 2.4% at 329.8p in early deals – a gain of 22% over the last 12 months – after the company reiterated expectations of high single-digit percentage revenue growth.

Revenue in the six months to the end of September rose to £486.5mln from £420.3mln the year before, while the total funded order backlog surged to £3.1bn from £1.9bn the year before.

Total orders received in the six month reporting period clocked in at £410.8mln, compared to £298.1mln a year earlier.

Underlying earnings (EBITDA) jumped to £93.4mln from £69.8mln in 2018, helped by a £13.3mln gain on the sale of property.

Profit before tax, excluding one-off items, improved to £71.3mln from the previous year’s £52.7mln.

Net cash at the end of September had dipped to £173.5mln from £220.8mln a year earlier.

The interim dividend was nudged up to 2.2p from 2.1p last year.

"Our strategy to drive value for our customers and shareholders continues to gather momentum. We delivered a strong first half result, with organic growth in orders, revenue and profit driven by a good performance across our businesses, both in the UK and internationally. We are maintaining expectations for full-year operating profit with high single-digit revenue growth,” revealed Steve Wadey, the group’s chief executive officer.

Caledonia Mining tackles 2023 challenges with optimism for 2024 as it...

Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL) chief executive Mark Learmonth tells Proactive's Stephen Gunnion the company faced a challenging 2023, primarily due to poor production in the first half of the year at its core asset, the Blanket Mine in Zimbabwe, and an underperformance...

1 hour, 33 minutes ago