Business
Results for the year ended 31 March 2023
Results for the year ended 31 March 2023.
About this update from Qinetiq Group Plc
[{"type":"text","content":"\n\nPreliminary Results \n\n25 May 2023\nServing the national security interests of our customers\nResults for the year ended 31 March 2023\n \n\n\n\n\n\n\nStatutory results\n\n\nUnderlying* results\n\n\n\n\n\n\n\nFY23\n\n\nFY22\n\n\nFY23\n\n\nFY22\n\n\n\n\nRevenue\n\n\n£1,580.7m\n\n\n£1,320.4m\n\n\n£1,580.7m\n\n\n£1,320.4m\n\n\n\n\nOperating profit2\n\n\n£172.8m\n\n\n£123.7m1\n\n\n£178.9m\n\n\n£137.4m\n\n\n\n\nProfit after tax\n\n\n£154.4m\n\n\n£90.0m\n\n\n£152.9m\n\n\n£118.1m\n\n\n\n\nEarnings per share\n\n\n26.8p\n\n\n15.7p\n\n\n26.5p\n\n\n20.6p\n\n\n\n\nFull year dividend per share\n\n\n7.7p\n\n\n7.3p\n\n\n7.7p\n\n\n7.3p\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFunded order backlog\n\n\n\n\n\n\n\n\n£3,070.3m\n\n\n£2,828.8m\n\n\n\n\nOrders\n\n\n\n\n\n\n\n\n£1,724.1m\n\n\n£1,226.6m\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet cash inflow from operations\n\n\n£240.6m\n\n\n£215.1m1\n\n\n£270.1m\n\n\n£220.7m1\n\n\n\n\nNet (debt)/cash\n\n\n£(206.9)m\n\n\n£225.1m\n\n\n£(206.9)m\n\n\n£225.1m\n\n\n\n\n \nExcellent operational performance across the Group\n\n\n\n\n-\n\n\nOrders up 41%, a record-high of £1.7bn, growing our backlog to £3.1bn\n\n\n\n\n-\n\n\nRevenue is up 20% and profit is up 30%; up 11% and 12% respectively on an organic basis, excluding the impact of the write-down in FY22\n\n\n\n\n-\n\n\nCash performance remains strong with 106% conversion\n\n\n\n\n-\n\n\nStatutory operating profit of £172.8m, an increase of 40%\n\n\n\n\n-\n\n\nReturns are healthy with underlying EPS up to 26.5p and the full year dividend up 5% to 7.7p\n\n\n\n\n\n\n\n\n\n\n\n\nThe defence & security context is heightening market demand for our distinctive offerings\n\n\n\n\n-\n\n\nWe now see an addressable market of more than £30bn per year\n\n\n\n\n-\n\n\nWe have delivered a step-change in our global growth platform with two strategic acquisitions in the US and Australia, both are performing well and the integrations are on-track\n\n\n\n\n\n\n\n\n\n\n\n\nFY24 expectations unchanged, upgraded long-term guidance\n\n\n\n\n-\n\n\nWe are targeting high single digit organic revenue growth at 11-12% margin\n\n\n\n\n-\n\n\nWe have increased the scale of our ambition to grow the company to approx. £3bn reve...