QinetiQ says trading beats expectations

30th Sep 2011 07:10

QinetiQ, the maker of defence gadgets, said its performance in the first six months has been better than expected."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," the firm said. "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."In a trading update last month, QinetiQ reiterated its outlook for the current financial year, saying that the ongoing budget pressures in UK and US were offset by its cost reduction plan, sending its shares higher.