QinetiQ Group Announces Share Buyback Program
QinetiQ Group, a defense-technology company listed in London, has reported a strong operational performance in the third quarter of its fiscal year. As a result, the company plans to launch a share buyback program worth £100 million ($127.3 million) in February.
According to QinetiQ, organic revenue growth has continued to be robust, and operating profit is in line with the expectations of the board. The company has also witnessed a strong order intake, with orders totaling approximately £1.35 billion year-to-date. Additionally, the revenue under contract for the full year is at 95%, surpassing the previous year's figures.
Given the company's solid financial position, its highly cash-generative nature, and the absence of any potential acquisitions at present, QinetiQ believes that returning excess capital to shareholders is a prudent move.
According to analysts' estimates, QinetiQ is on track to achieve revenue of £1.87 billion and operating profit of £210 million for the year ending March 31.
Chief Executive Steve Wadey expressed confidence in the company's performance, stating, "Our operational performance in the third quarter underlines our confidence in delivering another year of good organic growth at stable margins with strong cash conversion."
QinetiQ Group continues to make progress and remains committed to meeting expectations.
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