Quickstep achieves first full-year profit

Quickstep has announced a $2.7 million profit for the 2018 – 19 financial year, with Joint Strike Fighter contracts making up $53 million of $73.3 million in revenue and these ramping up to full production in the current FY.

The composites manufacturer’s revenues were up 24 per cent for the year and net profit after tax improved by $5.6 million to $2.7 million, during Quickstep’s “first full year of positive operating cash flow”.

CEO and managing director Mark Burgess (pictured) said in a statement that the year was a significant turning point for the company, which “delivered across all key metrics and shifted the business to sustainable profitability amid continuing growth. 

“I am immensely proud of what our team has achieved in FY2019 and I am truly excited about the ongoing growth of the Quickstep group over the next five years.”

Revenues from JSF work lifted 37 per cent over the year to 53 million from 38.6 million. It is predicted to increase further this year as full-rate production is achieved in the next six to nine months.

Revenues are expected to improve 8 – 10 per cent in FY2020, with gross margins also expected to improve, as “economies of scale, further cost reductions and increasing efficiencies” are realised.

Picture: AAP