LONDON (dpa-AFX) - QinetiQ Group plc (QQ.L) announced preliminary results for the year ended 31 March 2012 posting a higher pre-tax profit of 331.6 million pounds versus 26.6 million pounds last year.
Earnings per share were 39.4 pence, up from last year.
Underlying profit before tax was up to 118.3 million pounds from the previous year.
Revenue was 1.47 billion pounds, down 11% on an organic basis at constant currency, excluding a 25.8 million pounds reduction in revenue for divested businesses. This reflects the uncertain trading environment and contract delays in the US and UK defence markets, and the exceptionally strong demand for the Q-Net vehicle survivability product last year.
Going ahead, Leo Quinn, Chief Executive Officer said, 'Given the continuing uncertainty and lower than normal visibility in our markets, our expectations for trading performance in the current year remain unchanged. However, the success of our self-help programme in restoring both the balance sheet and portfolio to strength gives the Board confidence in QinetiQ's ability to build significant value over the next phase of its development.'
The board proposed final dividend of 2.00 pence per share, up from 1.60 pence it paid last year, reflecting the achievement of the self-help programme and confidence in the medium term. The final dividend will be paid on 7 September 2012.
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© 2012 AFX News
