This defence stock is still cheap even after its 88pc rise [Yahoo! Finance]
QINETIQ GROUP PLC ADR (QNTQY)
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Source: Yahoo! Finance
The UK economy's paltry growth rate will cause difficulty for all companies – but for defence company QinetiQ the problem is even more serious. The firm relies on the UK for around two-thirds of its revenue. Given that the defence budget is expressed as a percentage of GDP, a continued slow pace of economic growth following an expansion of just 0.1pc in the third quarter – versus a figure of 0.5pc in the previous quarter – would not bode well for the company's financial performance. That said, the Government stated in the Budget that it plans to ultimately raise defence spending from 2.3pc to 2.5pc of GDP. The economy is also likely to benefit from an easing of the Bank of England's current restrictive monetary policy. Although interest rate cuts are now set to be more gradual than expected prior to the Budget, as a result of higher Government spending that is likely to stoke inflation, monetary policy easing should still – eventually – catalyse the economy's growth rate. In
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