Fresh orders boost QinetiQ profits in 2016
Published: 21 Nov 2016
Defence engineering firm QinetiQ has announced increased profits for the half year ending 30th September 2016.
Orders grew by 14.7 per cent to £376.8 million in the six months between April and September, up from £328.4 million for the same period in 2015.
This uplift was thanks to a £109m 11-year contract renewal for UK Naval Combat System Integration Support Services (NCSISS).
The renewal will see QinetiQ modernise facilities and equipment at Portsmouth’s Portsdown Technology Park to improve services to the Ministry of Defence.
QinetiQ orders were also boosted by a US aircraft carriers contract, worth $28 million (£22.56 million).
These increased orders led to a 4.2 per cent uplift in underlying operating profit - £51.9 million - which became £45.5 million after tax, £2.3 million more than in the same period last year.
QinetiQ CEO Steve Wadey reacted by saying: “We have secured good order intake, delivered a solid operational performance and demonstrated encouraging progress in the implementation of our strategy to drive future growth.
“We are on track with transforming the company and have secured the renewal of NCSISS for 11 years, creating a UK centre of excellence for maritime mission systems and taking a significant step forward in modernising vital test and evaluation services in the UK.”