XTEK wins Defence order for SUAS; US unit ships order for ballistic protection
5 December 2022
XTEK announced that it has received a purchase order from the Commonwealth of Australia’s Department of Defence, totalling A$26.9 million, for new Small Unmanned Aerial Systems (SUAS). Delivery of this A$26.9 million new order is expected to be completed in late H2 FY23 with corresponding revenues recognised in the same period. XTEK’s Technology Division, now currently holds orders in hand for delivery in FY23, worth a combined value of A$35 million. Assuming no unforeseen delays, this backlog, combined with the A$47 million-plus of expected H1 FY23 recognised revenue, should see the group exceed A$82 million for the full year.
With seven months still to go in the financial year, the group continues to actively pursue a strong pipeline of many large scale ballistic armour opportunities, which if realised, would see significant further upside being delivered for our FY23 results.
Scott Basham, XTEK’s Group CEO, said: “XTEK is very pleased to be able to continue to provide Defence with high-end SUAS technology, and this new order for a mixed fleet of advanced AeroVironment drones, will deliver significantly enhanced tactical reconnaissance and surveillance capabilities for Defence. This order, combined with the current backlog of Technology Division work that we expect to progressively deliver over the course of the next seven months, will already see XTEK achieve record turnover in excess of A$82 million for FY23. And, on top of that, should we win even just a portion of the many large scale ballistic armour opportunities we are currently pursuing around the world, then that could see the second half of FY23 become very exciting indeed.”
XTEK’s HighCom ships A$3.5 million US order
XTEK also announced that the Group’s HighCom Armor Solutions Inc. (HighCom) business, has now completed and shipped the A$3.5 million (US$2.38 million) order it received on 23 September 22, from a US Federal Government agency customer for more than 20,000 individual items for specialist ballistic protection equipment. With this order now completed and recognised in November, XTEK is on track to deliver a record result of more than A$47 million for H1 FY22.
CEO Basham said, “XTEK’s HighCom Armor is a trusted provider of high performance, life-saving, ballistic personal protection equipment to Federal, State, and Local law enforcement agencies and military customers across the United States and around the world. The HighCom team has built, packed, and shipped this important order valued at A$3.5 million, a full month in advance of expectations. This means that the major US Government Federal Agency customer can now receive and deploy their new advanced ballistic protection equipment that much more earlier – keeping their officers safer and potentially saving lives sooner – than originally expected. HighCom’s ongoing and consistent ability to rapidly supply large orders of NIJ certified and world leading ballistic products from our Columbus, Ohio facility, to domestic locations around the United States, and to far flung international destinations all around the world, is exactly what gives our customers such deep confidence in our HighCom brand and business.”
Source: APDR