StockMarketWire.com - Defence technology company Qinetiq said "significant" campaign wins and strong organic growth left it "well-placed" to meet its full-year expectations as it reported a 7% increase in first-half revenue.

Underlying revenue grew to £420.3m from £392.5m for the six months to 30 September 2018.

Looking forward, the company expected full-year capital expenditure to be at the upper end of its previous guidance of £80-100m for FY19 and full-year working capital outflows, excluding non-recurring items, of £15-25m.

"We are now positioned for sustainable and profitable growth, reinforcing our market-leading role in the UK and using this to expand internationally. We continue to take steps to mitigate the effects of changes in the UK single source profit rate and expect this headwind to moderate in FY20 and beyond, enabling growing revenue to deliver increased profitability," said Steve Wadey, Group Chief Executive Officer.




At 8:32am: [LON:QQ.] QinetiQ Group PLC share price was +6.75p at 277.35p



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