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All steady at defence contactor QinetiQ, with third-quarter trading "as expected"

Overall QinetiQ said it had “made encouraging progress in the implementation of its strategy to drive future growth” in the third-quarter.

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QinetiQ said expectations for the current financial year remain unchanged from when it released its interim results in November

Defence contractor QinetiQ Group PLC (LON:QQ.) said it underlying trading in the third-quarter was “as expected” and expectations for the current financial year remain unchanged from when it released its interim results in November.

In a trading update, the FTSE 250 firm said: “In EMEA Services, revenue under contract for this financial year is similar to the same time last year with resilient margins.  As stated previously, the division's performance as a whole is expected to remain steady this year.”

It added that revenue under contract at the group's Global Products division is slightly ahead of this time last year, driven by improved order inflow in QinetiQ North America, although “the division's performance remains dependent on the timing and shipment of key orders.”

Overall QinetiQ said it had “made encouraging progress in the implementation of its strategy to drive future growth” in the third-quarter. 

In December, QinetiQ was awarded a £1bn amendment to its Long Term Partnering Agreement (LTPA) with the UK Ministry of Defence which commits approximately half of the core LTPA revenues until 31 March 2028.

The firm said the incremental capital expenditure associated with the LTPA contract amendment is expected to be in the region of £10mln this year.

QinetiQ will report its full-year results on May 25.

Quick facts: QinetiQ

Price: 288 GBX

LSE:QQ.
Market: LSE
Market Cap: £1.64 billion
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