Today's business news in brief. QinetiQ's energetic profits surge 3 per cent Defence technology company QinetiQ has reported a 3 per cent rise in full-year profits but said revenues fell 11 per cent to £1.5 billion because of contract delays in UK and US markets. The group, which operates a missile test range in the Hebrides and makes military equipment such as bomb disposal robots and sniper detectors, posted an underlying pre-tax profit of £118.3 million for the year to March, up from £114.6m a year earlier. It proposed a final dividend of 2p per share, up from 1.6p a year ago, which "reflected its confidence in the medium-term outlook." Dairy firm is left crestfallen Cathedral City, Clover and Country Life maker Dairy Crest has fallen into the red after an "unsatisfactory" year at its milk division. Its flagship supermarket food brands grew sales by 11 per cent in the year to 31 March but the dairies arm, which supplies milk to retailers as well as coffee shops and hospitals, saw profits cut by more than half to £10.2m. After writing down the value of the dairy business and taking a charge for the closure of two bottling plants, the company plunged to a pre-tax loss of £10.1m from a profit of £77.8m a year earlier. Target Cove cuts losses by 20 per cent Cove Energy, the Mozambique-focused oil and gas explorer at the centre of a takeover tussle, yesterday said it had narrowed its full-year losses after making "huge strides" in gas discoveries. The company posted a loss of $4.1 million (£2.6m) for the year to 31 December, down from $5m a year earlier, the day after backing a 240p-per-share bid from Thailand's PTT Exploration and Production. Cove had previously supported a 220p offer from Shell, which said it was considering its options. Analysts believe it could raise its bid to as much as 300p-a-share. Christie's £70 million investment pot Christie Finance has launched a £70 million funding pot for investors in healthcare, hospitality and retail. The Glasgow-based commercial finance broker, which is part of the Christie Group, said £50m would be earmarked to lend to clients in the care home, pharmacy and children's nursery sectors across the UK, while a further £20m would be aimed at the pub, hotel and retail sectors. An initial £20m tranche for the hospitality sector released earlier this year was massively over-subscribed, the firm said.