XTEK expects record revenue of $88m in upgraded FY23 forecast

Image credit: XTEK Group

Defence industry company XTEK has updated its FY23 results guidance, anticipating record revenues for FY23 of between $86 million to $88 million up by circa 50 per cent compared to the previous recorded revenue of $58.2 million. 

The ASX-listed company also stated that it anticipates unadjusted EBITDA for FY23 to range between $9 million and $10.5 million, up from $8.97 million in FY22. 

XTEK stated that it is confident in continuing its growth trajectory in FY24 and is aggressively pursuing a growing pipeline of more than $200 million in prospects for determination over the coming year.

Some of the company’s initiatives include a large SUAS multi-year support contract deal in Australia that is due for completion in the first quarter of FY24.

XTEK also revealed multiple large-scale ballistic protection deals in Europe, the Americas, and the Asia Pacific region. 

Scott Basham, XTEK Group’s CEO, expressed his delight to be able to update its FY23 results guidance, on what he described as “a second consecutive record year of revenue growth and profitability for the company.”

He said, “Our Technology Division here in Australia, and our global armour business HighCom, have both excelled over the last year, and this expected strong outcome is a testament to the clear focus we have as a business, and to the hard work and dedication of our great teams all around the world, who are executing on our strategy day in and day out.”

XTEK stated that today’s news is the outcome of the group’s Technology division’s greater performance in H2 FY23.

The announcement also comes on the heels of a significant defence SUAS win and subsequent deliveries that took place during the period. 

Headquartered in Canberra, XTEK is a provider of security equipment, training and support services to government agencies, military, law enforcement, commercial and space sectors.