The Business Matrix: Friday 22 November 2013

US budget trouble weakens QinetiQ

Half-yearly profits fell to £59.2m at QinetiQ as the defence and security group was damaged by continuing government budget uncertainties in the US and relative international peace. Last year it made more than £95m.

Orders in QinetiQ’s US services division fell 12.6 per cent to £247.7m, and the chief executive, Leo Quinn, has hinted at a likely sale as advisers look to conduct a “market testing exercise”.

Crossrail knocks Foyles off track

Profits at Foyles bookshop chain have been hit by continued disruption caused by the Crossrail building works near its main store on London’s Charing Cross Road.

Turnover at the group, which has five London stores and one in Bristol, fell 2.5 per cent to £22.9m in the year to June, with profits nearly halving to £83,000.

Last year’s Olympic Games also hurt the store’s trade.