QinetiQ Group plc Second Quarter Trading Update (6985P)
11 Octobre 2023 - 8:00AM
UK Regulatory
TIDMQQ.
RNS Number : 6985P
QinetiQ Group plc
11 October 2023
News release
QinetiQ Group plc
Second Quarter Trading Update
11 October 2023 - QinetiQ Group plc ("QinetiQ" or "the Group")
today issues a trading update covering its second quarter of
trading.
Strong organic first half performance - on track to deliver full
year expectations
The Group has delivered a strong second quarter, resulting in
improved organic revenue growth and operating profit margin in the
first half of the year compared to the same period last year. We
also secured a record first half order intake at c.GBP950m,
increasing our order backlog and improving our revenue under
contract for the full year to 90%, consistent with the prior year.
Whilst cash conversion in the first half was lower than the prior
year due to short-term timing, full year cash conversion will be in
line with our previous guidance. With significant new orders and
major contract renewals, we have de-risked the second half and are
on track to deliver another year of good organic revenue growth at
stable margins in-line with our full year expectations and
long-term guidance.
Global Solutions has performed well. The former Avantus business
in the US continues to deliver revenue at double-digit margin and
had an excellent second quarter securing a number of new programmes
and significant contract renewals. Major examples are the five-year
$224m contract to provide mission support to the US Space
Development Agency (SDA) and the recently announced five-year $127m
contract with the US Department of Defence (DoD) Strategic
Capabilities Office (SCO). Winning these strategic contracts,
coupled with significant progress on integration, builds momentum
to deliver double-digit revenue growth at stable margins. The
combination of the capabilities across the former Avantus business
and QinetiQ has created a strong growth platform, demonstrated by
securing c.$600m of multi-year contract awards [1] in the US during
the first half of the year.
EMEA Services has also continued to perform well. We have
delivered impressive organic revenue growth with improved profit
margin, and secured orders of more than GBP600m. In the UK, the
Long Term Partnering Agreement (LTPA), Engineering Delivery Partner
(EDP) and Maritime Strategic Capability Agreement (MSCA) contracts
continue to deliver for our customers' critical missions,
supporting our strong operational performance. In Australia, the
business is progressing well with the integration of Air Affairs
and seeing initial demand for our new Engineering facility in
Melbourne, where we are establishing sovereign capability to
deliver specialist command and control vehicles.
Steve Wadey, Group Chief Executive Officer said:
"I am extremely pleased that the Group continues to perform
well, delivering strong organic revenue growth at stable margins in
the first half of the year, moderately ahead of expectations.
Record first half order intake demonstrates that our distinctive
offerings remain in high demand across all our home countries, as
our people continue to deliver high-value services and products
critical to national defence and security. Based on our strong
first half performance, we have de-risked our full year results and
are on track to deliver another year of good organic revenue growth
at stable margins in line with our full year expectations.
"Our strong operational performance combined with disciplined
execution of our multi-domestic strategy demonstrates our robust
financial framework in action, delivering attractive value and
long-term sustainable success for our shareholders."
Investor Seminar: Key drivers of our global growth
QinetiQ will host an Investor Seminar on 25 October 2023 in New
York, covering three of the key growth drivers for the company: our
UK Intelligence business, Avantus and our wider US business, and
our global threat representation capabilities. You are warmly
invited to join in person or via live webcast.
To register to attend:
https://www.qinetiq.com/en/investors/investor-seminars/key-drivers-of-our-global-growth
FY24 Interim Results
QinetiQ will publish its full Interim Results on Thursday 16
November 2023. We will be hosting an in-person results presentation
at 09:30 GMT at the London Stock Exchange, 10 Paternoster Square,
London, EC4M 7LS. Registration to join in-person or via the live
webcast will be available after the Investor Seminar.
About QinetiQ
QinetiQ is an integrated global defence and security company
focused on mission-led innovation. QinetiQ employs more than 8,500
highly-skilled people, committed to creating new ways of protecting
what matters most; testing technologies, systems, and processes to
make sure they meet operational needs; and enabling customers to
deploy new and enhanced capabilities with the assurance they will
deliver the performance required. Visit our website www.QinetiQ.com
. Follow us on LinkedIn and Twitter @QinetiQ. Visit our blog
www.QinetiQ-blogs.com .
For further information please contact:
John Haworth, Group Director Investor Relations: +44 (0) 7920 545841
Lindsay Walls, Group Director Communications
(Media enquiries): +44 (0) 7793 427582
[1] Of which $169m orders recognised in our total US first half
order intake of $357m
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTBRBDGXUBDGXG
(END) Dow Jones Newswires
October 11, 2023 02:00 ET (06:00 GMT)
Qinetiq (LSE:QQ.)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024
Qinetiq (LSE:QQ.)
Graphique Historique de l'Action
De Déc 2023 à Déc 2024