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QinetiQ, the defence, security and aerospace company, announces its preliminary results for the year ended 31 March 2017 which saw:

  • Good operational delivery in FY17
  • High quality growth in total backlog from £1.3bn to £2.2bn
  • 4% year-on-year revenue growth; 1% increase on an organic basis* at constant currency
  • Solid operating profit enhanced by £7.4m of non-recurring trading items
  • Cash conversion included c£30m working capital unwind (half related to non-recurring items)
  • 5% increase in dividend; £50m share buyback completed
  • Strategic progress
    • Secured £1bn amendment to the Long Term Partnering Agreement with the UK MOD
    • Established an International business and completed two acquisitions – of Meggitt Target Systems and RubiKon Group in Australia – to support international growth
    • Global agreement for next generation satellite receivers
    • Invested £20m in people, technology and campaigns, funded by operational efficiencies
  • Focus on delivery of FY18
    • Strategy implementation key to driving growth in a rapidly changing trading environment
    • 74% of FY18 revenue under contract, consistent with the previous year
    • Maintaining expectations for Group performance in FY18

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Annual Report 2017

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Annual Report 2015

Annual Report 2014

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