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Qinetiq on track to deliver on expectations for financial year

Updated: 17:57 EDT, 28 March 2014

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Qinetiq is on track to deliver on expectations for the financial year to March 31, writes Ben Griffiths.

The Hampshire-based defence products group said the US services division was performing in line with hopes, but demand for products related to conflicts had been impacted by the withdrawal of US troops from Afghanistan, which had caused order flows to slip.

Space age: Qinetiq was spun out of the former Defence Evaluation and Research Agency in 2001

Qinetiq (down 0.5p at 223p), which was spun out of the former Defence Evaluation and Research Agency in 2001 and floated on the London Stock Exchange in 2006, is the weapons laboratory said to have inspired Ian Fleming’s gadget geek Q in the James Bond novels.

It also manages a clutch of military bases and live firing ranges for the Ministry of Defence and hosts the Empire Test Pilots’ School at Boscombe Down in Wiltshire.

Chief executive Leo Quinn has been spearheading a campaign dubbed the 5% Club to encourage Britain’s biggest firms to employ more apprentices and graduate trainees.

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