XTEK (ASX:XTE) receives urgent $3.2m ballistic armour order -Agbelo News

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  • XTEC (XTE) receives a purchase order of $3.2 million from an undisclosed international customer for an urgent supply of specialist ballistic armour products
  • CEO Scott Basham says that the urgent order is “another example of the group’s capabilities” to support their customers with little to no notice to meet a crucial operational demand
  • The ballistics division of the company reported $7.62 million in revenue contribution with a 25 per cent gross margin in H1 FY22
  • Contracts that XTEK were able to secure in H1 FY2022 included a $1.5 million contract from the US Federal Government and a 100 over US Police, Fire and Prisons run rate contracts worth $3.5 million
  • XTE shares are up 8.7 per cent on the market, trading at 25 cents each

Defence specialist XTEC (XTE) has received a purchase order of $3.2 million from an undisclosed international customer for an urgent supply of specialist ballistic armour products.

CEO Scott Basham said that the urgent order is “another example of the group’s capabilities” to support their customers with little to no notice to meet a crucial operational demand.

“XTEK’s ballistics division is working at pace to manufacture our highly sought-after specialist ballistic products, and we are in constant discussions with many other international customers as they develop their ballistic armour requirements.”

The order is completed by HighCom, XTEK’s global armour brand in Columbus, Ohio which produces the company’s ultra-lightweight and high-performance body armour, ballistic helmets and composite structures products.

The ballistics division of the company reported $7.62 million in revenue contribution with a 25 per cent gross margin in H1 FY22.

The contracts that XTEK were able to secure in H1 FY2022 were a $1.5 million contract from the US Federal Government and a 100 over US Police, Fire and Prisons run rate contracts worth $3.5 million.

The company’s focus in FY 2022 will be growth opportunities in the European and Asia Pacific markets and developing advanced ballistic solutions.

XTE shares were up 8.70 per cent, trading at 25 cents as of 12:49 pm AEDT.

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