QinetiQ Group, a leading defense-technology company, has announced its impressive performance in the first half of fiscal 2024. The company has experienced improved organic revenue growth and operating profit margin in the second quarter, positioning itself well to meet the board's full-year expectations.
Positive Outlook for Second Half
QinetiQ Group has successfully derisked the second half of the fiscal year, thanks to significant new orders and major contract renewals. These developments enhance the company's growth prospects and ensure a solid foundation for future success.
Cash Conversion on Track
Although cash conversion in the first half was lower compared to the previous year due to short-term timing factors, QinetiQ Group assures stakeholders that full-year cash conversion will align with previous guidance. This reaffirms the company's commitment to maintaining strong financial performance.
Impressive Order Intake and Backlog
For the six months ending September 30th, QinetiQ Group recorded an order intake of approximately £950 million ($1.17 billion). This impressive figure is supported by an increased order backlog and an expected improvement in revenue from contracts throughout the full year, up to 90%.
Commitment to Shareholder Value
Chief Executive Steve Wadey expressed confidence in the company's operational performance and execution of its multidomestic strategy. He stated, "Our strong operational performance combined with disciplined execution of our multidomestic strategy demonstrates our robust financial framework in action, delivering attractive value and long-term sustainable success for our shareholders."