Alexa
  • Directory of Taiwan

Qinetiq says first-half profit dropped on reorganization costs

Qinetiq says first-half profit dropped on reorganization costs

Qinetiq Group PLC, a defense and research company part-owned by the British Ministry of Defense, said Thursday that fiscal first-half profit dropped 43 percent after the company spent money reorganizing the business.
Net income for the six months through Sept. 30 fell to 20.3 million pounds (US$39.6 million; euro30.1 million) from 35.9 million pounds in the same period a year earlier, the company said in a statement. Revenue rose 14 percent to 539.2 million pounds (US$1.5 billion; euro798.4 million).
Still, profit before taxes and restructuring costs rose to 38.6 million pounds (US$75.4 million; euro57.2 million), up from 32.5 million pounds in the year-ago period.
The company, which has contracts with the U.S. Department of Defense and the U.S. Department of Homeland Security, spent 9 million pounds (US$17.6 million; euro13.3 million) in the first half restructuring the business to make it more efficient in the long term.
"The board expects the group to continue to trade in line with expectations," the company said.
Qinetiq shares rose 6.5 percent to 185.5 pence (US$3.62; euro2.75) on the London Stock Exchange.
QinetiQ, which was previously the research arm of the Ministry of Defense, was privatized by Prime Minister Tony Blair's government and listed on the London Stock Exchange in February.
Its scientists and engineers are involved in the research and development of technologies for the aerospace, defense, electronics and information technology industries.


Updated : 2021-10-23 16:34 GMT+08:00