QinetiQ Group PLC (LSE:QQ.) reported a 21% increase in revenue to £1.91 billion - boosting the shares 11%.
The global defence and security company saw its operating profit rise by 20% to £215.2 million in the 12 months ended March 31, although profit after tax decreased from £152.9 million to £139.6 million.
Its EMEA Services segment performed particularly well, achieving 19% organic revenue growth, partially offset by difficult market conditions in the Global Services segment.
Firm wide, order intake remained stable at £1.74 billion with a £2.87 billion funded order backlog.
Chief Executive Steve Wadey said: "I am pleased with our strong group financial results for the financial year 2024, delivered against the background of difficult market conditions in the US.
“These results have been achieved through the outstanding skills of our people, delivering highly relevant services and products critical to enduring national defence and security priorities."
QinetiQ increased its full-year dividend per share from 7.7p to 8.25p and launched a £100 million share buyback program.
Looking forward, QinetiQ has increased its guidance for financial 2025, expecting strong growth in EMEA Services and stable performance in Global Solutions.
The company said it remains on track to achieve its 2027 outlook of approximately £2.4 billion in organic revenue at a 12% margin.
The market responded positively to these results, with FTSE 250-listed QinetiQ shares rallying over 11% on Thursday’s opening exchanges.