British defence research and technology supplier Qinetiq released preliminary results for its 2019 financial year on 23 May, revealing strong sales growth, but static operating profit compared to 2018.
The company generated revenues of GBP911.1 million (USD1151.3 million) in the year to 31 March 2019, a 9.4% increase year on year (y/y). Profit, while GBP27 million lower on statutory measures, was marginally higher than in 2018 when the previous year's gains from one-off transactions such as the sale of property and investments are excluded. Before taxes Qinetiq recorded profits of GBP123.9 million in FY 2019.
Although Qinetiq considers the Australia and the US home countries as well as the UK, the latter remains by far its largest source of revenue.
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