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XTEK's chairman lifts stake on-market

XTEK is a leading company in the Australian Homeland Security Market.
XTEK's chairman lifts stake on-market
Uwe Boettcher now holds over 5 million shares

XTEK's (ASX:XTE) non-executive chairman, Uwe Boettcher, has purchsaed 49,318 shares on-market for a condisderation of $19,234, or $0.39 per share.

Boettcher now holds over 5 million shares.

XTEK has a unique company strategy and combines exclusive distribution agreements with complementary local development to bring complete and state of the art solutions to its homeland security markets.

The company focusses on three main segments:

- Explosive Ordnance Disposal (EOD) equipment;
- Unmanned Aircraft Systems (UAS) – Unmanned Aerial Vehicles (UAV) and real time tactical imagery; and
- Ballistic protection and weapons – High-end protection equipment (plates and helmets) as well as its own sniper rifle.

Growing pipeline

XTEK continues to secure contracts from defence and law enforcement agencies as part of a growing trend in defence and security spending.

The company posted income for the March quarter of $4.1 million, significantly higher than the $1.1 million for the prior December quarter.

Momentum is set to continue with orders in hand at the end of March totalling $4.4 million, all of which should be invoiced this financial year.

A number of new contracts were won during the March quarter, which has provided a platform for the company to deliver strong revenue growth in the current final quarter of FY17.

XTEK expects to deliver a positive finish to FY17 off the back of a strong pipeline of sales opportunities.

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