Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • 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.

QHL by the numbers
More From The Market Herald

" Korab Resources (ASX:KOR) completes $1.9m capital raise

Korab Resources (KOR) shares have dipped after the exploration company announced it had raised $1.9 million in extra cash through a capital raise.

" Almonty Industries (ASX:AII) updates market on South Korean mine development

Almonty Industries (AII) has updated the market regarding progress at its underground South Korean mine site.
Australasian Gold (ASX:A8G) - Managing Director, Dr Qingtao Zeng

" Australasian Gold (ASX:A8G) enters December well-funded

Australasian Gold (A8G) has entered the December quarter well-funded with more than $7 million in cash reserves.
Wildcat Resources (ASX:WC8) - CEO, Sam Ekins

" Wildcat Resources (ASX:WC8) finds further pegmatites at Red Panda

Wildcat Resources (WC8) has found new pegmatites at the Wildplay Joint Venture (JV) Project in Western Australia’s Eastern Goldfields region.