QinetiQ says first half better than expected
DEFENCE supplier QinetiQ, which has axed hundreds of jobs from its base in the Midlands, said today its first half had been better than expected – despite difficult market conditions.
Prior to entering its closed period, QinetiQ said the boost in performance had come from strong sales in the United States.
“Whilst conditions in its principal markets remain challenging, the group’s performance for the first six months of the year has been good and better than originally expected,” said the statement, which updates an announcement from the beginning of August.
“However, this improvement has been driven by US military product sales in the Global Products business, where orders have been weighted to the first half and in particular the second quarter, and by the group-wide self-help programme.”
The announcement comes as a small boost to an industry still reeling from the announcement by BAE Systems that it is set to axe almost 3,000 jobs from its aerospace division due to stalling sales of the Typhoon Eurofighter.
QinetiQ’s interim results for the six months ending September 30, 2011 will be announced on November 23, 2011.
