Advanced carbon fibre composite road wheel manufacturer, Carbon Revolution is eyeing off new export contracts as it clocks up rapid growth.
FY20 was a year of progress for the Geelong company as it ramped up production to an annualised rate of 30,000, improved processes and shrugged off the effects of the Covid-19 pandemic.
Turnover in the final quarter was $8.1 million, a 47 per cent rise on the previous corresponding quarter, with $4.1 million outstanding for delivers in transit.
Some customers switched from air to sea fright because of the pandemic, with Covid-19 increasing inventory levels and holding back marketing efforts with the cancellation of a number of trade shows.
However Carbon Revolution announced it had been nominated for two new wheel programmes with an existing customer and was in the engineering validation stage to supply a new, Asian customer.
The priority in the latest quarter was pressing ahead with equipment investment to improve output and wheel fascia quality which will dramatically increase conversion of moulded wheels to sold wheels.
The company is also developing a new spoke core material which eliminates production defects in this area of the wheel.
Both technologies, involving $6.8 million in R&D, will be rolled out into production in the current year.
The company finished the year with a cash balance of $33.9 million and expects solid sales growth in the year ahead
Picture: Carbon Revolution
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