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QinetiQ posts annual profit rise, reaffirms trading expectations

Reuters - UK Focus

LONDON, May 21 (Reuters) - British defence technology company QinetiQ Group (Other OTC: QNTQF - news) reaffirmed its full-year expectations after reporting a 7 percent rise in annual underlying profit due to a strong performance from its EMEA services business.

The company, which was part of Britain's Ministry of Defence before being spun off in 2002, reported underlying profit before tax of 107.8 million pounds ($167.5 million) in the twelve months ended March 31, beating analyst expectations.

It was expected to report profit of 99.95 million, according to a Thomson Reuters poll of nine analysts.

QinetiQ posted full-year revenue of 763.8 million pounds and raises its full-year dividend per share by 17 percent to 5.4 pence. ($1 = 0.6437 pounds) (Reporting by Li-mei Hoang; editing by Kate Holton)