QinetiQ restructure reaps profit

Defence technology company QinetiQ said it would beat its own earnings expectations for the year by 20 per cent after a restructuring and cost cuts drove a 45 per cent surge in first-half profit. QinetiQ, which makes high-tech military equipment such as bomb disposal robots and sniper detectors, yesterday reported an underlying pretax profit of £74.9m for the six months to 30 September, up from £51.6m a year earlier. QinetiQ chief executive Leo Quinn said the profits increase reflected efforts begun 18 months ago to cut costs and streamline the group’s operations.