Armour for Afghanistan boosts Qinetiq
VEHICLE armour to protect troops from rocket propelled grenades in Afghanistan have boosted figures at defence technology group Qinetiq.
It said strong demand for its Q-NET Kevlar device had driven a 33 per cent rise in pre-tax profit to £114.6million for the year to March 31 on revenues up 5 per cent to £1.7billion. Its shares rose ¼p to 112¼p as it promised to restore its dividend.
Revenue in its global products division rose 66 per cent but its UK services division fell 10 per cent and its US services division lost 7 per cent as government defence budgets were cut. Cost cuts helped net debt halve to £260million.
Chief executive Leo Quinn said: “We are restoring Qinetiq to strength.” He believes Qinetiq is well positioned in cyber security markets and space after a recent contract win from Nasa to provide engineering services.