Xtek Ltd - XTEK March 2020 Quarter Update
Xtek Ltd (ASX:XTE)

XTEK March 2020 Quarter Update

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Highlights

What's happened?

XTEK Limited (ASX:XTE "XTEK") has announced their March 2020 quarterly update.

What are the key highlights?

  1. XTEK received the first commercial order for its XTclave™ plates from an Australian Law Enforcement Agency, following the opening of the XTclave™ Manufacturing Centre in Adelaide, and is well-placed to service growing demand for these products and commence exporting to the US.
  2. SUAS business continues to perform strongly, with additional spare parts ordered by the ADF and supply from the US protected by the classification of Defence as a Priority Sector.
  3. XTEK is part of the robust Defence sector and continues to experience strong demand and supply, with operations experiencing minimal disruptions due to COVID-19 impacts so far.

Managing Director's Summary

Philippe Odouard

"This is a challenging and uncertain time with theCOVID-19 pandemic having had an unprecedented effect on our global communities. At XTEK, I can assure you we are taking the necessary precautions to ensure the health and safety of our staff, collaborators and broader community, and the continuity of our business. XTEK is fortunate to be part of the robust Defence industry, which has continued to perform strongly despite the challenging macroeconomic backdrop. During the quarter we received the first commercial order of our XTclave™ manufacture products, which is a significant milestone, and we are in active discussions for further orders that we expect to be finalised in the near-to-medium term."

Philippe Odouard
Managing Director, Xtek Ltd
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