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Qinetiq reports 'record order backlog' at end of Q1
(Sharecast News) - Defence technology firm Qinetiq said on Thursday that it had a "record order backlog" at the end of Q1, after beginning the year with "good revenue cover" of 75%. Qinetiq said its order backlog was roughly £5.0bn, providing "a strong foundation" for long-term sustainable growth.
Consistent with FY expectations, Qinetiq anticipate roughly 46-48% of revenues in the first half at roughly 10% margin and good cash flow.
Qinetiq also said expectations for the FY remained unchanged, with approximately 3% organic revenue growth, a margin of around 11%, earnings per share growth in the range of 15-20% and good cash conversion.
Chief executive Steve Wadey said: "The ambition to accelerate warfighting readiness set out in the UK's Strategic Defence Review and the recent NATO summit clearly underpin the ongoing relevance of our mission essential capabilities, supporting our confidence in the long-term growth prospects for the group."
As of 0930 BST, Qinetiq shares were up 1.65% at 493.20p.
Reporting by Iain Gilbert at Sharecast.com
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