What's happened?
XTEK Limited (ASX:XTE "XTEK") have released their Preliminary 2020 Final Report.
What were XTEK's key accomplishments for the FY2020
- Revenue $42.7m (up 13%), $825k EBITDA (up 167%), $302k net profit (up 80%). Gross profit margins also increased to 20% (up from 18%) which reflects XTEK's shift towards higher margin proprietary products.
- Acquisition of a US ballistics armour manufacturer and distributor, HighCom Armor Solutions Inc, which provides XTEK with direct access into the US market.
- Achieved first domestic and international commercial orders of XTclave plates, and progressed further potential customers through evaluation and testing phases.
- Officially launched the opening of the Adelaide manufacturing centre in February 2020 to enable production for fulfilment of local and international orders for ballistic protection products.
- Leveraged the unique advantages of its XTclave technology for other applications, with a grant for space applications secured from the Australian Space Agency together with Skykraft Pty Limited.
- Secured a long-term SUAS support and maintenance contract with the ADF, positioning XTEK as a full service solution provider, with further deliveries of SUAS to the ADF completed and new supply orders received.
- For its FY2021 outlook, XTEK believes that FY21 revenue will likely exceed A$30m. XTEK are also targeting up to A$70m of revenue of near-term opportunities across ballistic, SUAS and other solutions.
For further information please refer to the announcement linked below.
