QinetiQ upgrades annual earnings guidance

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Defence equipment supplier QinetiQ upgrading its annual guidance, citing stronger orders and margins in the fourth quarter.

QinetiQ said it now expected to post an underlying operating profit for the year through March of at least £147 million.

'Full year order intake has been strong, and subject to audit, we expect to deliver high teens percentage revenue growth, high single-digit percentage revenue growth on an organic basis,' it said.

Underlying operating profit margin was expected to be modestly ahead of that delivered in the first half.

Net cash at 31 March was 'at least £150 million'.

QinetiQ said said its performance was underpinned by 'overachievement' across its Europe, Middle East and Africa services portfolio, offsetting modest Covid-19 impacts seen earlier in the year.

In addition, the three businesses sold in the last year have generated a non-trading gain which will be partly offset by a goodwill impairment in our German business due to a more challenging business environment.


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