Defence technology outfit QinetiQ (QQ.) was marked up 5% to 284.6p as it reaffirmed full-year guidance following a robust performance in the third quarter.

The news helps arrest a recent slide in the shares after being hit by supply chain issues and write-downs at the back end of 2021.

QinetiQ said it continued to achieve 'excellent' order intake, with orders now at more than £900 million, and revenues, operating profit and cash flow in line with expectations.

‘The group has delivered strong operational performance in Q3 and we have made significant progress on the two short-term issues described in our interim results,’ QinetiQ said.

CONFIDENT ON DELIVERY

‘With more than 95% coverage of our 2022 financial year revenue under contract, we remain confident of delivering in line with expectationsreaffirmed as outlined at our interim results on 11 November.’

Numis analyst Richard Paige said: ‘QinetiQ's Q3 update is reassuring – indicating that trading remains on track, including expected improvement in the US. Order intake has remained strong.

Commenting on the recent appointment of Shawn Purvis as its US boss Paige added: ‘Shawn’s CV implies a high calibre individual, with extensive relevant experience, including acquisition integration and her recruitment is a statement of intent that QinetiQ’s ambitions in the US – to more than double revenue over the next 5 years - remain intact after recent disappointment.’

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Issue Date: 18 Jan 2022