Kevin Phillips: New Business Accounts for Half of ManTech’s $2.9B in FY 2019 Contract Awards
Kevin Phillips, president and CEO of ManTech International (Nasdaq: MANT) and a 2020 Wash100 award winner, said new business accounts for about 50 percent of the $2.9B in contract awards recorded in full fiscal year 2019 as the company continues to build on the government’s demand for digital transformation and cybersecurity technologies, the Washington Business Journal reported Friday.
“The [fiscal year] 2020 and 2021 budgets, in my view, allow us all a pathway into a two-year budget cycle,” Phillips said. “I think customers have their certainty for 2020 around what they need to procure and they are procuring in a regular, if not rapid, pace, depending on the type of work. Customers are looking more for speed, they’re looking more for innovation and those are areas that we’ve been focused on.”
ManTech saw its full FY 2019 revenue rise 13 percent to $2.2B and recorded $604M in revenue for the fourth quarter, reflecting a 22 percent increase from the prior year period. The company ended the year with a backlog of $9.1B, with $1.3B of that funded.
The Herndon, Va.-based technology services contractor recorded $221M in cash flow from operations in FY 2019 and a book-to-bill ratio of 1.3 for the year.
Source: GovCon Wire