Pre-tax profits rise at Qinetiq

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Qinetiq has released its interim results, revealing an 18.5 per cent increase in revenue to £638.8m and profits before tax of £25.9m, an increase of 9.3 per cent.

According to Qinetiq, underlying operating profits rose by 34.5 per cent to £46m and basic earnings per share increased 8.4 per cent to 3.4p. The interim dividend increased 10.8 per cent to 1.33p.

The company also revealed an increase in orders, which are up by 12.9 per cent to £592.2m.

Other operational highlights include an 11 percent increase in Qinetiq’s group operating margin target and a 54.8 per cent increase in Qinetiq North America’s revenue to £256.6m.

‘The group produced a strong performance in the six months to 30 September 2007 confirming continued delivery against our strategy,’ said Graham Love, CEO. ‘The North American defence and security market continues to provide the greatest opportunity for expansion within the group and in the period this sector has driven strong order and turnover growth.’