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XTEK awarded multi-million dollar purchase order

Shares in XTEK are up 45% in 2017, currently priced at $0.48.

soldier holding drone
FY18 revenue guidance has been increased to $11-18 million

XTEK (ASX:XTE) has received a purchase order from the Australian Defence Force (ADF) for the supply of x-ray equipment worth A$2.4 million.

The purchase order was awarded under a project for XTEK to supply x-ray and forensics equipment and consumables to the ADF.

Philippe Odouard, managing director, commented: “This purchase order win is evidence of our strong contract pipeline given the increased spending by the Australian Government on its defence needs.

“We expect further purchase orders under such projects over the next year or two and look forward to updating investors as we achieve these milestones.

“The increased demand from the Australian Government underlines our robust revenue growth outlook for the 2018 financial year.”

A profitable growing small cap

XTEK is a leading company in the Australian homeland security market focused on the delivery of protection and sustainment solutions for the government, law enforcement, military and commercial sectors.

A strong sales pipeline delivered profitability in FY17 and FY18 revenue guidance has been recently upgraded to between A$11 and A$18 million.

The supply and maintenance of small unmanned aerial systems (SUAS), also known as drones, is becoming a major focus for XTEK.

READ: XTEK signs formal contract with Australian Defence

In addition, XTEK has developed a range of new technologies which it is now commercialising for the international market.

XTclave composite protection products and XTatlas real-time contextual video provide novel solutions for western military forces.

Quick facts: XTEK Ltd

Price: 0.59 AUD

ASX:XTE
Market: ASX
Market Cap: $31.37 m
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