UK defence engineer Qinetiq lifted annual earnings guidance, as strong order intake boosted revenues.
The company on Wednesday said it expected revenue growth on an organic basis of around 5% for the 2022 fiscal year, with underlying operating profit of at least £135m.
“Operating cash flow has been excellent and we retain a strong balance sheet with net cash at 31 March 2022 of £225m,” the company said in a fourth quarter trading update.
Qinetiq said its full-year intake was strong at more than £1.2bn, boosted by significant growth in EMEA services, although this was offset by a slower recovery in its Global Products business.
Revenues in the US were slower to recover due to a constrained military budget.
