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  • Quickstep, a developer of advanced carbon fibre products, has seen its profits grow to $2.7 million during the 2019 financial year, following a 24 per cent increase in sales
  • Over two thirds of the company’s revenue came from its joint strike fighter contract, which sees it supply parts for fighter jets
  • Quickstep’s share price is up 8.97 per cent today, currently sitting at $0.085 per share

Quickstep, a developer of advanced carbon fibre products, has seen its profits reach nearly $3 million during the 2019 financial year.

A 24 per cent increase in sales is the main reason linked to the company’s profit growth, according to Quickstep.

The profit after tax, which came in at $2.7 million, is a $5.6 million improvement in comparison to the previous financial year. While sales jumped from $59 million to $73.3 million.

CEO and Managing Director of Quickstep Mark Burgess said: “In FY2019 we delivered across all key metrics and shifted the business to sustainable profitability amid continuing growth.”

The company received over two thirds of its revenue from its joint strike fighter contract. Quickstep produces parts for fighter jets, predominately of the carbon composite kind.

It is expected revenue will continue to increase under the joint strike fighter contract heading into the 2020 financial year. Overall, the company’s revenue is forecast to grow between 8-10 per cent.

Quickstep’s share price is up 8.97 per cent today, currently sitting at $0.085 per share, as of AEST 1:34 pm.

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