Troop withdrawal from Afghanistan hits QinetiQ

28th Mar 2014 07:16

The withdrawal of US troops from Afghanistan is delaying orders at defence group QinetiQ.QinetiQ, which makes James Bond-style gadgets for the military and intelligence services, said the gradual reduction of operations in Afghanistan was causing slippage in order flow and delivery schedules in its global products arm.But the group said its European, Middle East and Africa services business was benefiting from certain projects beyond its traditional UK markets.QinetiQ also said its US services business was trading in line with expectations despite an uncertain US federal contracting environment caused by government budget cuts.It added that its balance sheet and cash generation remained strong.PW