Leading aerospace composites manufacturer Quickstep powered ahead in the third quarter of the year as it continued work on long term contracts for mainly defence-related clients.
The Sydney company recorded positive cash flow of $100,000 on sales for the quarter up 16 per cent on the previous corresponding period to $19.2 million.
Sales for the nine months to date were up 14 per cent to $57.7 million.
Quickstep is experiencing a ramp up of production on a number of contracts for parts for global defence customers such as the F-35 Lightning strike fighter, and the C-130J Super Hercules military transport.
During the quarter it delivered for testing further qualification batches of MJU-68 aircraft flare housings, a new product line, to Chemring Australia.
Additionally the company has increased production of enclosures for lightweight portable X-ray machines manufactured by Micro-X, which are experiencing increased demand as part of the fight against Covid-19 coronavirus.
Quickstep reaffirmed its sales and profit outlook for the year.
It expects sales growth of 10 per cent for the full year, EBITDA of eight to nine per cent of sales, and to report positive net profit after tax and operating cash flow for the year.
The company said it was contionuing discussions with aerospace manufacturers in the United States and Europe on the deployment of its AeroQure process for manufacturing carbon fibre composites.
The process does not require an autoclave and offers the potential of faster production times and lower costs than traditional curing processes.
Image: RAAF/c-130J Super Hercules
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