Quickstep grows composites sales despite Covid

Advanced composites manufacturer Quickstep Holdings has continued to grow sales during the Covid-19 pandemic according to its results released today for the June quarter.

The Sydney defence, aerospace and advanced manufacturing supplier recorded quarterly sales up seven per cent over the previous corresponding period to $24.6 million.

Full year sales were up 12 per cent on the prior year to $82.3 million, and the full year saw a positive cash flow of $200,000.

The company told investors that Covid-19 had ‘thankfully’ had minimmal impact on financial performance.

“Our key customers are continuing production in line with plan and production facilities at Bankstown and Geelong continue to meet all contracted delivery schedules and quality requirements.

“We have also seen a very significant reduction in Covid-related supply chain risk over the last eight weeks.”

Quickstep is carrying a higher level of raw materials inventory than prior to the pandemic.

During the quarter production of components for the tail of the F-35 Lightning joint strike fighter continued at full rate.

Contracts for an additional 10 parts for the F-35 were awarded by Northrop Grumman.

A second batch of flare housings for the MJU-68 aircraft flare housing is in production and due for delivery to Chemring Australia in the current quarter.

The company is negotiating with Lockheed Martin on new opportunities to add to its contracts supplying the C-130J Hercules military freighter.

Finally, high rate production continues for the Micro-X Nano lightweight X-ray machine.

Picture: Quickstep

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