Business
First Quarter Trading Update
First Quarter Trading Update.
About this update from Qinetiq Group Plc
[{"type":"text","content":"\n\nNews release\n\nQinetiQ Group plc\nFirst Quarter Trading Update\n20 July 2023 - QinetiQ Group plc (\"QinetiQ\" or \"the Group\") today issues a trading update covering its first quarter of trading.\nOn-track to deliver year end expectations - good first quarter performance\nBuilding on the strong performance of FY23, we have made a positive start to FY24. Order intake has continued to remain strong and we are pleased with our revenue, profit and cash performance. Our visibility on revenue under contract for FY24 has increased to £1.3bn, up from £1.1bn at April 2023. Consequently, we remain confident of delivering in-line with our expectations.\nWe have seen a strong start to the year in Global Products, which we are renaming Global Solutions, based on the increasing high value service content versus products. Our performance momentum in the US continues, integration activities remain ahead of plan and we are making good progress on new business opportunities. EMEA Services continues to perform well with good underlying performance across all metrics.\nSteve Wadey, Group Chief Executive Officer said:\n\"The global security situation continues to highlight the importance of defence and security and we remain focused on our three home countries who have a shared defence and security mission under the trilateral partnership known as AUKUS. We are aligned to our customers' priorities to modernise their capabilities in the current threat environment, most recently evidenced by the UK's Defence Command Paper which reaffirmed the importance of Science and Technology and identified significant investment in technologies to deliver mission critical advantage.\n\"We continue to see a significant opportunity from the widening threat spectrum, with our six distinctive offerings well aligned to areas of the defence and security budgets where greatest priority and funding is being directed, such as experimentation and technology, cyber and information advantage, and training and mission rehearsal.\"\nContinued progress towards delivering our strategic ambition\nQinetiQ is a purpose-driven company at the forefront of national defence and security - we are protecting lives by serving the national security interests of our customers. As outlined in our full year results, we have raised the strategic ambition for the company, targeting h...