British defence technology specialist Qinetiq published results from the first half of its 2020 financial year on 14 November, revealing strong growth in both sales and profits. The company generated revenue of GBP486.5 million (USD626.6 million) in the six months to 30 September; 15.8% more than in the same period in FY2019.
The group’s profits rose by an even greater margin, growing by over 43% year on year to reach GBP68.5 million. Order intake and funded backlog were also up significantly in the first half, at GBP410 million and GBP3,084 million respectively.
The majority of the expansion was within Qinetiq’s EMEA Services segment, which is responsible for the company’s business with its main customer, the UK Ministry of Defence.
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