Key points:
- QinetiQ reported a Q2 trading update on Wednesday
- The company maintained full-year guidance
- QQ shares are up 0.47%
QinetiQ (LON: QQ) released a second-quarter trading update on Wednesday, which saw the company achieve £800 million in orders in the year's first half.
In its update, the company revealed an 18% increase in orders compared to the prior year. In addition, QinetiQ said it delivered “strong and consistent operational performance” as the company reported £800 million in new orders.
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Furthermore, the firm stated that its Target Systems has continued to deliver well, including several notable wins and deliveries for European customer training exercises. Meanwhile, its EMEA Services won significant new orders, including a £32 million 3-year contract with UK MOD for the Future Combat Air System.
More than 90% of QinetiQ's FY23 revenue is now under contract, enabling the aircraft engineering company to meet its full-year targets in a challenging macroeconomic climate.
“Against an uncertain and evolving economic backdrop, I am delighted that we have delivered strong and consistent operational performance in the first half of the year,” said QinetiQ Chief Executive Steve Wadey.
Wadey added that its strategy 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.”
QinetiQ shares are up 0.47% at the time of writing on Wednesday, adding to its 30% gain this year.
