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Qinetic Share Price Rallies on Upgraded Guidance

Nigel Firth
Nigel Frith trader
Updated 12 Nov 2020

Practice Stock Trading
Qinetiq defense plane

Shares of Qinetic (LON: QQ.) are up more than 13% today to total monthly gains to about 40% after the company raised its full-year revenue guidance on the strong order book.

Qinetiq, the company focused on defence technology, said it witnessed a 37% increase in orders in its first half of the year. Strong order numbers pushed revenue growth 24% higher to £603.2 million for the six months ending 30 September.

“We have delivered an excellent first half performance despite a challenging environment,” commented group chief executive officer Steve Wadey.

“We are entering the second half with confidence, with a significant order backlog, strong customer focus and an evolved strategy reflecting the increasing ambition of the group and changing customer needs.”

Qinetiq also reported that its operating profit soared 16% to £69 million while statutory operating profits fell 10% to £61.6 million. Ultimately, QQ posted EPS of 10.1p to push the board to declare an interim dividend of 2.2p.

The defence contractor has now upgraded its guidance to expect a “low-double-digit” revenue growth this year, higher from previous guidance of “high-single-digit” growth.

Qinetic share price is up over 13% today on raised revenue guidance November 2020

Qinetic share price is trading at 330p, which is the highest level recorded since April this year.


Nigel Firth
Nigel has been in the regulated financial services industry for nearly a decade, has previously owned a financial brokerage and has written many times for sites relating to personal finance and trading.