Advanced composites manufacturer Quickstep has announced a full year net profit of $2.7 million for the financial year 2018/19 – its first full year of positive operating cash flow.
The result was achieved on total sales of $73.3 million and represents a $5.6 million improvement on the prior corresponding period, reflecting the company’s growing revenue from the JSF contracts.
“Revenue from the group’s JSF contracts for FY19 was $53.0 million, up 37% from $38.6 million in FY18,” the company said in a statement.
“JSF revenues are expected to further increase in FY20, albeit at a more modest rate, reaching full rate production over the next 6 to 9 months. C-130J wing flaps production continued at the long-term rate of two ship-sets per month.”
In addition to ramping up production for the JSF program, Quickstep also manufactured parts for Boeing Defense on the F/A-18 and F-15 programs and introduced production of accessibility ramps using Qure technology for Lockelec, supplier to a number of Australian rail operator.
Mark Burgess, CEO and Managing Director of Quickstep, said the increased workload has left the company with a positive operating cash flow and much stronger balance sheet.
“In FY2019 we delivered across all key metrics and shifted the business to sustainable profitability amid continuing growth. This marks a significant turning point for Quickstep,” he said.
“I am immensely proud of what our team has achieved in FY2019 and I am truly excited about the ongoing growth of the Quickstep group over the next five years.”