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XTEK confirms FY19 revenue guidance at AGM today

Notably, the company received a $6.3 million purchase order earlier this week.
growth concept shown by share price chart going up
Patersons have a price target of 95 cents, more than double the current price of 41 cents

XTEK Ltd (ASX:XTE) has taken the opportunity at its annual general meeting (AGM) today to confirm it is still expecting significant revenue growth in FY2019.

The company achieved revenue of $17.2 million in FY18, up 91% on the prior year and already has contracted revenue for FY19 of $20 million.

XTEK reiterated at its AGM today that it can earn up to $26 million in revenue in FY2019, which would represent a high-end range of 51% growth on FY18.

READ: XTEK to continue growth through commercialising proprietary products

XTEK is focused on commercialising proprietary products globally and becoming an integral part of the global supply chain within the Australian defence industry.

The company supplies a range of products and support services to the defence, law enforcement and government sectors globally.

The main contributor to its core business revenue is supplying small unmanned aerial systems (hand-launched drones) to the Australian and New Zealand defence forces.

While the core business continues to grow, the commercialisation of its in-house XTclave™ and XTatlas™ products present a blue sky opportunity.

READ: XTEK receives $6.3 million purchase orders from Australian Defence Force

Earlier this week, XTEK received purchase orders totalling $6.3 million from the Australian Defence Force (ADF) for drone spare parts.

The spare parts will support the small unmanned aerial systems (SUAS) fleet under the Land 129 Phase 4a contract.

Additionally, XTEK has completed installation of a sophisticated repair facility in Canberra and is working with AeroVironment (NASDAQ:AVAV).

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XTEK Ltd Timeline

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