Xtek Limited (ASX:XTE, "XTEK") released its financial results for 1H FY2020.
What are the key highlights?
- Achieved record half year revenue of ~A$16m in 1H FY20.
- Acquired and successfully integrated HighCom Armor Solutions Inc (HighCom) and subsequently launched three new ballistic products in the US at SHOT Show®, in January 2020.
- New XTclave™ manufacturing centre officially opened on 18 February 2020, to enable commercial production of XTEK’s advanced ballistic solutions.
- Secured long term SUAS support contract to the ADF, solidifying XTEK as a key, full-service SUAS supplier able to provide ongoing training, repair and maintenance services.
- Signed a Joint Statement of Strategic Intent with the Australian Space Agency and continued business from other value-added reseller products and services
- XTEK expects a stronger second half in line with the typical seasonality of the business, underpinned by a full contribution of HighCom, exports of XTclave™ manufactured products, planned and potential deliveries of further SUAS and increased training, repair and maintenance SUAS services.