The defence sector has been on a tear in recent weeks as governments across Europe look to ramp up spending in the sector and QinetiQ has been no exception. However a trading update published this morning covering the final quarter of the year has brought investors down to earth with news that despite industry-wide confidence, orders aren’t being confirmed at the pace that may have been perceived. That’s resulted in full year growth projections being revised lower. There’s still confidence over the longer term but the QinetiQ share price was 15% lower shortly after the opening bell.
The hydrocarbon exploration and production company Energean published an update this morning. Management announced last year that they were looking to dispose of various portfolio assets but the prospective buyer needed to secure a series of regulatory approvals. These are yet to be realised and there’s a deadline of later this week in the Sale Purchase Agreement, so concerns are now building that the deal may not complete as planned. The Energean share price was down 9% in early trade.
Insurer Phoenix Group this morning published full year results with cash generation beating expectations and management upgrading guidance for FY26, noting that they are now targeting £1.1bn of IFRS adjusted operating profit in 2026, up from the previous £900m. Momentum continues to build and the company reports it is operating ahead of plan from both a strategic and financial perspective. Shares in Phoenix Group 7% at 8.30am.
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2024 Annual Financial Report - - Phoenix Group Holdings (PHNX)
