QinetiQ Reports Revenue Rise In Fy24 Despite “Difficult” Us Market Conditions

QinetiQ reports revenue rise in FY24 despite difficult US market conditions. - Merchant Navy Info - News

UK-based defense technology company QinetiQ has reported a 21% and also 20% increase in sales and operating profit. Respectively, in its preliminary full-year results to the end of the first quarter of 2024. Despite what it described as “difficult market conditions.” Reported that it did in the UK and USA. QinetiQ, which released its results on May 23, 2024. Said its FY24 results were “strong” due to “excellent growth” in Europe. And also the Middle East and “challenging market conditions for its US-Africa (EMEA) services.” He said it was. Organic sales grew by 19%, with stable profit margins of 11.5%.

The official press release describes the company’s outlook as “strong momentum. Healthy order book, increasing awareness, and 64% of sales are contracted. “Additionally, QinetiQ said that FY25 organic revenue compared to FY24 is expected to grow in the low single digits. And also operating margins will remain stable. The company said it expects to achieve organic sales of around 2.4 billion pounds ($3.5 billion) by FY27. With a profit margin of 12%. Group CEO Steve Wadey said: “We are pleased with the Group’s strong financial results for FY24. Which were achieved against the backdrop of a challenging market environment in the US.

By GlobalData Submit DragonFire Among QinetiQ’s “Strategic Achievements” for Fiscal Year 2024 

QinetiQ also reported three “Strategic Achievements” during the reporting process. This includes participating in NATO’s Formidable Shield exercise, where the British Hebrides hosted dozens of platforms and thousands of platforms sending personnel over a three-week period to test naval and missile defenses. Additionally, the company continued its activities supporting the training of Australian Defense Force personnel on red aircraft and air targets as part of Australia’s Joint Adversary Training and Testing Service (JATTS). QinetiQ reported a 20% increase in annual aircraft flight hours and a 90% increase in air target missions over originally planned.

Other accomplishments include his role in the ongoing development of the DragonFire laser-guided energy weapon system (LDEW). Subsequently, the UK Ministry of Defense announced that DragonFire LDEW will be installed on Royal Navy warships for the first time in 2027, earlier than originally planned. In 2017, the UK Government provided approximately £30 million to industry to support the development of his LDEW functional demonstrator. This demonstrator was later changed to DragonFire. Around £100m has been invested in the program since then. In late 2023, the DragonFire LDEW underwent a series of operational tests at QinetiQ’s facilities in the Hebrides, culminating in the downing of an unmanned aerial target drone.

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