UK multinational defence technology company QinetiQ has reported that its year-to-date (YTD) orders and revenue are at over £1bn.
The company noted that its order intake remained strong, and it has delivered a good operational performance in the third quarter (Q3) of 2022.
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The group’s profit and cash performance are in line with expectations.
In October and November 2022, QinetiQ completed the acquisitions of Air Affairs and Avantus. It said that the group was ‘progressing well with early stages of our integration plan’.
In the Q3 trading update, the company said its Europe, Middle East, and Africa (EMEA) Services and Global Products have registered ‘good progress’.
The company’s growth and profitability in the short and medium term remain in line with its expectations.
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By GlobalDataIt has also maintained its full-year FY23 guidance and said that it is on track to deliver expectations.
In a statement, the company said: “Our strategy to build an integrated global defence and security company, with revenues of more than £2.3bn, is on track. Building on our successful six-year track record of growth, we are continuing to deliver for our customers and on our promises. We are committed to enhancing our six distinctive offerings, with a particular focus on growth in the UK, US, and Australia. We remain active in driving both strong organic growth as well as executing on our inorganic growth strategy.”
Earlier this week, the company won a mission data partnership contract from the UK Ministry of Defence.
