Xtek Ltd - XTEK Ltd (ASX:XTE) report record half yearly revenue in 1H FY2020 results
Xtek Ltd (ASX:XTE)

XTEK Ltd (ASX:XTE) report record half yearly revenue in 1H FY2020 results

Published Feb 28, 2020

What happened?


What's happened?

Xtek Limited (ASX:XTE, "XTEK") released its financial results for 1H FY2020.

What are the key highlights?

  1. Achieved record half year revenue of ~A$16m in 1H FY20.
  2. 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.
  3. New XTclave™ manufacturing centre officially opened on 18 February 2020, to enable commercial production of XTEK’s advanced ballistic solutions.
  4. 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.
  5. Signed a Joint Statement of Strategic Intent with the Australian Space Agency and continued business from other value-added reseller products and services
  6. 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.

Managing Director's summary

Philippe Odouard Managing Director of Xtek Ltd has provided a statement.
Philippe Odouard
Philippe Odouard
Managing Director, Xtek Ltd

"The last 6 months has been transformational in building our development capabilities and growing our distribution network. In a period of significant investment, including the HighCom acquisition and investment in the new manufacturing centre, our underlying business continues to perform strongly. We are focused on commercialisation to maximise value of our technologies, with numerous strategic discussions and business development initiatives currently underway with key stakeholders globally. We are well positioned to deliver a strong performance in the second half, underpinned by the full contribution of HighCom, exports of XTclave™ manufactured products in the near term and planned delivery of value-added products and services."

Analysts thoughts

SmallCapInsider from Mawson Graham provides perspective on this recent announcement.
SmallCapInsider
Written by SmallCapInsider
Published Feb 28, 2020

It has been a transformational period for XTEK. XTEK now have a significant U.S. distribution channel after completing the acquisition of HighCom Armour Solutions. They also now have a commercial grade XTclave manufacturing facility which could potentially produce up to US$20m in revenue per machine per annum when at full capacity. Because of this new production capacity and distribution, we think XTEK will be able to generate and fulfill new orders which will lead to an increase in higher margin revenue.

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