Craig International Ballistics (CIB), PPK Group Limited’s investee company, has secured $9.7 million in new orders from a military customer to supply a range of personal body armour products.
The order, which is expected to be delivered in the current financial year, will support CIB’s strategy to broaden its customer base and become a globally recognised armour manufacturer following the commissioning of new autoclave technology at its Gold Coast manufacturing facility in 2022.
After increasing its production capacity in recent years, CIB Chief Executive Officer James Craig said the additional orders would support the company’s continuing revenue growth and asset utilisation.
“We have invested considerably in new equipment to ensure we have the capacity and quality controls to service a wider variety of military and law enforcement customers. These new orders are a direct result of that increased capital investment,” he said.
In the upcoming years, Craig said the company will continue to put its attention on fulfilling current contracts while also looking for new ways to expand both inside Australia and in the rapidly expanding export markets.
In particular, CIB generated a 201 per cent rise in EBITDA to $2.7 million and a 94 per cent increase in sales in the six months ending December 30, 2022, compared to the prior equivalent period.
Marc Fenton, chief executive officer of PPK, stated that CIB was an essential component of the PPK investment portfolio.
“This is a great win for James and his team, and we will continue to support the company on its research and manufacturing journey,” he said.
PPK, an ASX-listed company, invests funds and expertise in high-potential science and technology possibilities, with an emphasis on nanomaterials and energy storage solutions.
CIB, on the other hand, is an Australian manufacturer of ballistic protection solutions that provide both personal protection and platform protection to military aircraft, vessels and vehicles.
Many of CIB’s products have been used to defend Australian troops throughout operations in East Timor, Iraq, and Afghanistan.
