Qinetiq doubles down on profit targets despite ‘challenging’ environment
Defence giant Qinetiq doubled down on its profits targets today after locking in £800m orders in the first half of the year despite a “challenging” economic environment,
In a second quarter trading update, the firm said it had delivered a “strong and consistent operational performance” as it closed order 18 per cent higher than the first half of the previous year.
Bosses said they had now bagged more than 90 per cent of its full year revenue under contract and it is confident it will hit its targets despite soaring inflation and turbulence that has rocked markets this year.
Group Chief Steve Wadey said the firm had posted a strong performance against an “uncertain and evolving” economic backdrop.
“We remain focused on disciplined execution of our strategy to build an integrated global defence and security company, delivering high-value solutions for our customers,” he said in a statement.
“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.”
The firm said it had delivered a “number of strategic milestones” including a move to snap up Avantus Federal in the US for $590m, with regulatory approvals for the takeover expected by the end of calendar year 2022.