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QinetiQ PLC on Wednesday said it expects annual results to beat previous guidance as well as current market consensus.
Shares in the company were 1.6% higher at 342.88 pence each in London on Wednesday morning, one of the best performing mid-cap stocks.
The Farnborough, Hampshire-based defence technology firm expects revenue to rise 5% on an organic basis in the financial year that ended March 31. It expects underlying operating profit of at least £135 million, which would be down 11% from £151.6 million in financial 2021. Revenue in financial 2021 amounted to £1.28 billion.
According to the company-compiled consensus estimate, last updated in mid-February, QinetiQ is expected to report revenue of £1.32 billion and an operating profit of £133.0 million.
The company said order intake for the year to March 31 was ‘very strong’ at more than £1.2 billion.
QinetiQ's fortunes were helped by ‘significant growth’ in the EMEA Services arm. The unit provides services such as training and research for maritime and air & space clients. It also provides cyber threat response services.
The unit's strength was ‘partially offset by the slower recovery’ in Global Products, a division which develops items including small satellites and robotics-specialised defence products.
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