XTEK rides defence concerns to new highs

Ballistic armour and drone technology manufacturer XTEK continues to ride rising global insecurity, reporting another big jump in revenue in FY23.

XTEK reported profit after tax of $6.1 million, up seven percent, on revenue up 54 percent to $89.4 million for the year.

EBITDA profit was $10.9 million with the company ending the year with a cash balance of $6.9 million, compared to $36.2 million in FY22. FY22 cash included customer advances of $33.4 million for goods delivered in the latest year.

According to XTEK: “The strong financial performance in FY23 was achieved by delivering multiple large orders to key defence and law enforcement agency customers in Europe, Australasia and the United States.

XTEK’s revenues have risen from $28.3 million two years ago to $$89.4 million today, driven by Russia’s invasion of Ukraine and rearmament in Europe.

During the year XTEK delivered tens of thousands of its HighCom subsidiary’s body armour and helmets.

The company also opened an office in Poland to target military and law enforcement customers.

In December 2022 the company was awarded a $26.9 million contract to deliver small unmanned aerial systems to the Australian Department of Defence.

During the year group inventory rose from$16.4 million to $25.7 million as XTEK held high inventory levels to mitigate against supply chain disruptions and allowed for rapid delivery to customers.

Further reading:
Browse @AuManufacturing’s coverage of XTEK here.

Picture: XTEK