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.
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