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(Sharecast News) - QinetiQ said on Thursday that first-quarter trading was in line with expectations, supported by a record opening order backlog and increased visibility following the UK Government's Defence Investment Plan.
The FTSE 250 defence technology group maintained its FY27 guidance for revenue growth of 3% to 5%, an underlying operating profit margin of 11% to 11.5%, EPS growth of 8% to 10% and cash conversion above 90%.
It said the Defence Investment Plan, published on 30 June, provides a more certain backdrop for future contracting activity and aligns with QinetiQ's capabilities in areas including test and evaluation, mission systems integration, training, digital technologies, autonomy, cyber and directed energy.
QinetiQ also confirmed it repurchased 32m of shares during the period as part of its buyback programme, with the remaining 68m expected to complete by the end of FY27.
At 0939 BST, shares in QinetiQ Group were down 0.4% at 449p.
Reporting by Josh White for Sharecast.com.
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