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QinetiQ reports increased profits

Keith Bowman | 19 November 2015 | A A A
QinetiQ reports increased profits

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QinetiQ Group Ord 0.01p Shares

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QinetiQ, whose products include bomb disposal robots, today (19 Nov 15) issued its half year results. Total group revenue rose by 1% to £370.9 million, whilst adjusted or underlying profit before tax increased to £49.7 million (H1 2015: £46 million). Although total orders fell to £228.4 million (H1 2015: £320.5m), 90% of full year 2016 revenue was under contract as of the start of the second half. Management again stressed its emphasis on shareholder returns, with a 6% increase to the interim dividend declared and a £50 million share buyback over the next 12 months outlined.

The Chief Executive noted that "This is a good trading result in a challenging market environment and our expectations for Group performance in the current financial year remain unchanged."

"Whilst markets are tough and uncertain, I am convinced that we have the core competencies required to help our customers deliver both more for less and respond to increasing security threats through innovation. To address this, I have identified clear priorities to improve our customer focus and competitiveness that will build a stronger future for QinetiQ." The group's share price rose by over 8% in mid-morning UK stock market trading.

This article is not advice or a recommendation to buy, sell or hold any investment. No view is given on the present or future value or price of any investment, and investors should form their own view on any proposed investment. This article has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is considered a marketing communication. Non-independent research is not subject to FCA rules prohibiting dealing ahead of research, however HL has put controls in place (including dealing restrictions, physical and information barriers) to manage potential conflicts of interest presented by such dealing. Please see our full non-independent research disclosure for more information.