Qinetiq reiterates full year guidance

31st Mar 2015 11:42

Technology solutions provider QinetiQ reaffirmed previous guidance for the financial year ended 31 March.The FTSE 250 group, which held its pre-close meetings with analysts on Tuesday, put out a very short statement that confirmed there had been no material worsening or improvement in its performance since its interim management statement in February.It said no new material information will be disclosed in these meetings.In its February update the company said its EMEA Services division was expected to remain steady this year despite the Ministry of Defence's transformation programme and the changes to the budgetary environment resulting from the upcoming UK general election and subsequent Strategic Defence and Security Review.At the time it said these situations will create some uncertainty, while its Global Products division is also uncertain of the future, as normal, due to its lumpy revenue profile which is dependent on the timing and shipment of key orders.Although some newer products neared the market, the drawdown of American overseas military forces has been depressing demand for conflict-related products.Shares in Qinetiq, which appointed a new chief executive in January, were up 0.68% to 192.40p at 11:49 on Tuesday.