Qinetiq announces 2.2p interim dividend

DividendMax Ltd.

Qinetiq announces 2.2p interim dividend

The Qinetiq final dividend in respect of the year ended 31 March 2020, usually payable in August, had been deferred whilst the impact of COVID-19 on the Company was being assessed. Due to the success of the Company's COVID-19 mitigating actions and a strong cash performance in the first half of 2021, the final dividend for 2020 will now be paid on 16 November 2020. The final dividend per share of 4.4p ensures that the total dividend for 2020 remains at the same level (of 6.6p) as the prior year.

An interim dividend of 2.2p (H1 2020: 2.2p) will be paid on 5 February 2021 to shareholders on the register at 8 January 2021. The interim dividend represents one third of the prior year total dividend reflecting previously communicated methodology. The full year dividend will be set in May.

Other financial highlights include:

-37% increase in orders, 17% on an organic basis, driven by EDP and MTEQ contribution

-24% revenue growth, 8% on an organic basis, primarily driven by EMEA Services

-Underlying operating profit up 16%, flat on an organic basis, with a strong recovery in Q2 

-Statutory operating profit down 10% due to a prior year £13m property disposal gain

-Strong cash performance with 134% underlying cash conversion pre-capex

-Underlying EPS up 10%

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