QinetiQ enjoys strong first half

Defence technology company QinetiQ this morning reported better-than-expected first-half performance, boosted by its global products and UK services divisions.

In the first half, FTSE 250-listed QinetiQ delivered two key orders for the Q-Net vehicle survivability product, which protects vehicles from rocket-propelled grenade attacks, earlier than planned.

It reported strong performance in its UK services unit, although this was offset by its business in the US, where a number of contract bids are experiencing delays.

The company said in a statement this morning: "However, the strong performance in the first half gives the board confidence that the group should at least meet its expectations for the current year, absent any material change in customer requirements."