Quickstep back in profit on drone, maintenance work

Aerospace composites manufacturer Quickstep moved back into the black in the fourth quarter FY23 as the company continued to recover from operational and supply chain issues that hit the global industry in FY22.

The Sydney company told investors that it had experienced favourable outcomes in all three areas of its business leading to the positive Q4, and a ‘positive profit outlook for FY24’.

The company was awarded $264 million in new orders and order com,mitments in FY23, delivering a record order book for the year ahead.

New airline customer commitments delivered in the aftermarket business are expected to support a significant improvement in profitability for the group.

The applied composites business booked extensive contracts to manufacture components and complete drone aircraft and is emerging as a Tier 1 supplier in the drone market.

Quickstep recently announced Wichita, Kansas as the location of its first US engineering and manufacturing facility, and also could be expected to benefit from component orders following a Defence decision to order 20 C-130J Hercules transport aircraft from Lockheed Martin.

The company released unaudited figures which showed group revenue of $94.4 million in FY23, a nine percent increase on the prior year.

The performance was driven by a six percent rise in the company’s aerostructures business as well as uplifts in the aftermarket and applied composites sectors.

Quickstep recorded a net loss of $3.9 million for the year

The company told investors: “The more stable operating environment which was achieved in Q4 FY23 saw record sales delivered and a return to profitability for the company.

“Strong customer demand remains a positive indicator into FY24 and with an ongoing focus on productivity we believe the business will continue its recovery.”

Further reading:
Australia buys 20 C-130J Hercules, but government vague on industry benefit
Quickstep to set up factory in Kansas targeting US commercial drone market

Image: Quickstep