London, July 2, 2026, 22:03 BST
- QinetiQ Group plc (LON:QQ) jumped 7.13% to 478p. The FTSE 250 was up 0.38%.
- BlackRock Inc. NYSE:BLK said its voting stake is now 5.81%, up from 5.14%.
- The most recent reported buyback block priced at an average 421.7p, roughly 13% under Thursday’s quoted level.
- Next up is QinetiQ’s first-quarter trading update on July 16.
QinetiQ Group plc (LON:QQ) shares moved higher Thursday, part of a wider rise in UK defence names. The key detail for investors showed up in the shareholder filings: BlackRock Inc. NYSE:BLK increased its stake right after QinetiQ completed buybacks at prices below where the stock trades now.
| Market snapshot | Latest / close | Day move | Source timing |
|---|---|---|---|
| QinetiQ (LON:QQ) | 478.00p | up 31.80p, or 7.13% | July 2, 16:47 London |
| FTSE 250 | 23,417.58 | added 87.51 points, or 0.38% | July 2, 16:40 BST |
| FTSE 100 | 10,652.9 | rose 1.7% | July 2 close |
QinetiQ outperformed the FTSE 250 by 6.8 percentage points. AJ Bell said about 4.65 million shares traded. The shares hit 485.60p at the session peak, but stayed under the 52-week high of 551.50p.
BlackRock now holds 30,107,631 voting rights in total, or 5.81%, after crossing the threshold on June 30. Previously, BlackRock’s stake was 5.14%. The direct stake is 4.68%, with 1.13% via financial instruments.
| Fresh disclosure | Reported figure | Investor read |
|---|---|---|
| BlackRock now holds 5.81% or 30.1 mln votes | 5.81% / 30.1 mln voting rights | Bigger stake now visible |
| BlackRock’s earlier stake | 5.14% | +0.67pt since last filing |
| Total QinetiQ voting rights | 517.8 mln | No shares held in treasury |
| Shares bought back June 22-26 | 469,000 shares | All shares were cancelled |
| Buyback, using RNS figures | About £1.98 mln | Weighted avg 421.7p |
| Thursday’s price vs buyback level | About +13.3% | Company paid less than market |
BlackRock showed a voting-rights stake tied to 30.1 million votes, which at 478p works out to about £144 million worth of market exposure. That number doesn’t equal economic exposure, since the disclosure covers financial instruments too, but it sets a concrete benchmark for the stake’s size.
The buyback numbers are in focus. QinetiQ bought back 469,000 shares for cancellation from June 22 to June 26, using Deutsche Bank AG’s London branch. According to the RNS table, the weighted average price was 421.7p. The daily venue average ranged from 406.53p to 430.55p.
QinetiQ said that when the trades settle, its issued ordinary share capital and voting rights will stand at 517,780,209. There are no ordinary shares held in treasury. The company gave the same figure in its June 30 total voting-rights notice.
Defence names helped the stock. Reuters said BAE Systems plc (LON:BA), Rolls-Royce Holdings plc (LON:RR), QinetiQ, Babcock International Group PLC (LON:BAB) and Chemring Group plc (LON:CHG) gained 1% to 7.1% on Thursday. The FTSE 100 closed at its best level since late April after weak U.S. jobs numbers pulled down rate worries.
There were no big policy surprises for markets. Prime Minister Keir Starmer this week promised another £15 billion for UK defence over four years, setting aside £5 billion for drones and autonomous weapons. BAE CEO Charles Woodburn said more defence spending was “vital” for specialist defence skills. But retired Royal Navy commander Tom Sharpe called the new plan “cost-cutting by another name.” Reuters
QinetiQ’s latest results add to the momentum behind the rally. The group in May posted FY26 order intake at £3.57 billion, up 83%, with its funded order backlog at £4.42 billion, up 55%. Revenue landed at £1.92 billion, little changed from before. Underlying operating profit was up 18% at £218 million.
QinetiQ CEO Steve Wadey pointed to a “record order intake and £4.8bn backlog,” saying that gave “clear visibility,” in results out in May. The company is sticking to guidance for FY27 revenue growth of 3%-5%, an operating margin between 11.0% and 11.5%, and free cash flow topping £550 million for FY27 to FY29. QinetiQ
The U.S. division is still the main drag. QinetiQ said in May the American business has stabilised, and “all options” are being reviewed. Reuters said the U.S. arm made up 15% of group revenue for the year ended March 31. QinetiQ
The next update is coming up. QinetiQ has a first-quarter trading statement set for July 16, according to its investor calendar. The final FY26 dividend of 8.00p per share is scheduled to go ex-dividend on July 23, pending approval at the AGM.
