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Quickstep posts first ever half year positive operating profit in H2 FY2015

August 28, 2015 • News

Quickstep Holdings Limited has registered a 229% increase in sales to $39.5 million, up from $12 million in FY2014, while its total revenue, including income from grants and tax rebates, went up 132% to $41.3 million, compared to $17.8 million.

Image credit: facebook.com/quickstep.technologies

Image credit: facebook.com/quickstep.technologies

Quickstep said its aerospace manufacturing sales increased 181% to $33.7 million from $12.0 million, while income from sale of its technology for aerospace was $5.8 million.

The company’s firm order book, which mostly comprises aerospace manufacturing work to be completed in the next two years, grew to $74.9 million at 30 June 2015.

Net loss was reduced to $3.9 million compared to $11.2 million in FY2014 on the back of increased production in its aerospace manufacturing operations, improved inventory management and favourable currency conditions.

“Our aerospace manufacturing operations performed well being on or ahead of schedule by the year end. We delivered our first ever half year positive operating profit in H2 FY15 as sales of F?35 Lightning II Joint Strike Fighter carbon fibre doors and panels and C?130J wing flaps accelerated,” said Quickstep managing director, David Marino.

“Increasing manufacturing rates of JSF aircraft in the USA will drive production of Quickstep parts for the program in the next two years. Qualification prior to commencing manufacture of JSF vertical tail components is progressing well, with rollout expected to begin in the fourth quarter of FY2016, which will further accelerate sales growth.”

He  said the recently awarded contract to manufacture carbon fibre compartment parts for Audi and a consortium of industry partners will further strengthen Quickstep’s automotive credentials and build on the company’s letter of intent to deliver carbon fibre composite components for Thales Australia‘s Hawkei protected mobility vehicle.

“We are encouraged by winning our first contract with a global auto original equipment manufacturer, as it demonstrates the disruptive potential of our technology for curing carbon fibre faster and more efficiently,” Mr Marino said.

“The German sponsored PRESCHE project in conjunction with Audi, completed after three years, has confirmed our Qure and resin spray transfer technology can outperform alternative technologies at volumes up to 10,000 parts per year.”

Mr Marino said Quickstep’s production success and new technology acceptance significantly increased enquiries for parts from both the Aerospace and Automotive industries.

“Our market research indicates a worldwide shortage of capacity to meet parts demand in the industry which is further driving potential growth opportunities,” Mr Marino added.

“We have strengthened our management team to extend our automotive skills and ability to manage the group’s intellectual property internationally. Quickstep is today a much stronger company with a track record of production, focus on an improving our balance sheet and significant opportunities for growth.”

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