Quickstep clears the decks for return to growth, profit

FY24 was a year for clearing the decks and returning to underlying profit, according to advanced composites manufacturer Quickstep’s yearly financial results.

The Sydney company’s full year group revenue exceeded guidance at $99 million with its service group announced for divestiture growing by 94 percent percent year on year to exceed $10 million.

With the services business up for sale and costs cut in restructuring its aerospace structures business with its bluechip clients Lockheed Martin and Northrup Grumman, Quickstep said it had a platform for future growth.

NPAT was another loss for the business of $1 million though the company was EBITDA positive in continuing businesses for FY24.

CEO Mark Burgess said: “We have had to make some tough decisions though FY24 especially the restructuring we announced in June and the sale of the services business.

“But all of these changes are part of our strategy to strengthen our core Australian business which creates the foundation for us to increase our focus on building our drone business and to execute our first steps into the US market.”

Going forward after the services sale Quickstep will be made up of its profitable structures business and engineering services unit which underpins its growing drone manufacturing operations.

Burgess said: “FY24 has been a year of consolidation for Quickstep ensuing we made improvements to our core business to build resilience and deliver sustainable profitability.

“We are excited about the continued evolution of our drones business and although disappointed to have reached the decision to sell the services business unit, feel that we have set it up for success moving forward.”

While Quickstep won new services business in the year it delivered a loss of $2.5 million.

Picture: Quickstep