DEFENCE technology company QinetiQ said yesterday it expects to meet full-year profit forecasts despite uncertainty on future levels of military spending in Britain and the United States.
Late last year the company said it would beat its own earnings expectations for the year by 20 per cent after restructuring and cost cuts drove a 45 per cent surge in first-half profit.
QinetiQ is expected to post an average pre-tax profits of £126m for the year to end-March according to analysts.
During its third quarter QinetiQ won a £38m naval combat integration contract from the Ministry of Defence. However, it said budgets and spending priorities were still uncertain in the US delaying the award of contracts.
The US, easily the world’s largest defence spender, has capped its military budget at last year's levels for 2012.
