DEFENCE technology company QinetiQ yesterday reported a better than expected first half performance, helped by strong trade at its global products and UK services divisions.
QinetiQ, which makes high-tech military equipment such as bomb disposal robots and sniper detectors, said it had delivered the majority of two large orders for the Q-Net vehicle survivability product, a Kevlar web which helps protect vehicles from rocket-propelled grenade attacks.
It added in a trading update that its UK services unit performed well during the period, but that this was partially offset by its business in the United States, which continues to experience delays in contract awards.
The US, which remains the world’s largest market for weapons, already has plans in place to cut $487bn from its defence budget.
QinetiQ, formerly Britain's state-owned defence research agency, said forward visibility for the next six months was much lower than usual, particularly in the US.
City A.M. Reporter