Qinetiq shares leap after solid annual results

 
Adam Hignett
WEAPONS tech firm Qinetiq enjoyed a double digit surge in its share price yesterday after falling revenues failed to affect rising profits.

The defence tech firm recorded a seven per cent increase in annual pre-tax profits for the year ending 31 March at £107.8m, boosted by a strong order book from the Middle East and Africa. The increased profitability came despite revenues for the period slipping two per cent to £763.8m as the firm benefited from higher margins.

Shares closed up 11.1 per cent, buoyed by a 17 per cent hike in the dividend and ongoing buyback plan.