QinetiQ Says On Track To Meet FY24 View, Sees Growth In FY25; Names New CFO, COO

(RTTNews) - QinetiQ Group Plc (QQ.L), a defense technology company, on Tuesday said it expects results for full year 2024 to be in line with current market expectations of 1.88 billion pounds in revenue and 211 million pounds in operating profit.

Looking forward, the company expects fiscal 2025 to be another strong year at Group level and remains on-track to deliver in line with longer-term guidance. The trends in FY24 are expected to continue into next year, with stronger growth in EMEA Services and stable performance in Global Solutions.

Separately, the company announced that Carol Borg, Group Chief Financial Officer, will step down from her role with effect from today. The company has appointed Martin Cooper as Group CFO. He is expected to join the QinetiQ Board no later than October.

Until then, Heather Cashin, currently the Group Financial Controller, has been appointed Interim Group CFO.

QinetiQ also announced the appointment of Iain Stevenson to the newly created role of Chief Operating Officer, and the appointment of Will Blamey as Chief Executive UK Defence. Both roles will report to Group CEO Steve Wadey and they will be part of the QinetiQ Leadership Team.

The company said Borg will continue to be available to support the interim arrangements until the end of July.

Cooper, with more than 25 years' experience, joins QinetiQ from BAE Systems where he held a number of positions including UK & Rest of World Financial Controller, Divisional Finance Director and most recently Investor Relations Director.

David Smith, former Group CFO of QinetiQ, has agreed to provide advice and support services to Heather and the Board during the interim period.

In its trading update for the year ended March 31, the company said it delivered good operational performance during the fourth quarter, with continued strong organic revenue growth and stable operating profit margin.

EMEA Services has performed particularly well with strong revenue growth offsetting lower Global Solutions revenue growth.

Global Solutions continued to be impacted by difficult market conditions in the US.

Order intake for the year has been more than 1.7 billion pounds.

QinetiQ will publish its full Preliminary Results on May 23.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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