A robust performance

Global defence and security technology group, Qinetiq, has reported strong interim results driven by a robust performance in North America.

The first half of the year saw revenue rise to £727.4m from £638.8m a year earlier, with underlying operating profit up 19.8 per cent to £55.1m.

This was supported by a 31.4 per cent increase in order intake, which included a 15-year £150m maritime contract from the Ministry of Defence.

Revenue in the Europe, Middle East and Asia (EMEA) region edged up 4.5 per cent to £397.3m from £380.1m. Underlying operating margins increased to 7.3 per cent following EMEA reorganisation.

North American operations reported strong growth with a 27.3 per cent increase in revenue, 18.9 per cent of which came from organic growth. The region's results were enhanced by acquisitions made in the last financial year, which have extended the group’s presence in the high-end intelligence product and services market.