Xtek Ltd - Xtek 2020 Preliminary Final Report
Xtek Ltd (ASX:XTE)

Xtek 2020 Preliminary Final Report

Published Aug 31, 2020

What happened?


What's happened?

XTEK Limited (ASX:XTE "XTEK") have released their Preliminary 2020 Final Report.

What were XTEK's key accomplishments for the FY2020

  1. 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.
  2. Acquisition of a US ballistics armour manufacturer and distributor, HighCom Armor Solutions Inc, which provides XTEK with direct access into the US market.
  3. Achieved first domestic and international commercial orders of XTclave plates, and progressed further potential customers through evaluation and testing phases.
  4. 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.
  5. 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.
  6. 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.
  7. 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.

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