DEFENCE giant Qinetiq doubled down on its profits targets yesterday after locking in £800m in orders in the first half of the year despite a "challenging" economic environment.

In a second quarter trading update, the firm said it had delivered a "strong and consistent operational performance", recording 18 per cent more orders than the first half of 2021.

Bosses said it had now bagged more than 90 per cent of its full year revenue under contract and it was confident it will hit its profit targets despite soaring inflation and turbulence that has rocked markets this year.

"Our strategy to perform and grow continues to build momentum across the group, demonstrated by excellent order intake, good organic revenue growth, profit in-line with our expectations and three strategic transactions in the first half of the year," group CEO Steve Wadey said.

The firm said it had delivered a "number of strategic milestones" including its move to snap up Avantus Federal in the US for $590m (£533.1m), with regulatory approvals for the takeover expected by the end of the year.

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