Quickstep, a leading aerospace composite business in Australia, has decided to keep its Aftermarket business as a core part of the company and is planning to enhance the business through several new growth initiatives
The company’s decision follows a detailed comprehensive strategic review process conducted after the Aftermarket business yielded lower revenue performance over the past 12 months. The review included extensive negotiations with all critical stakeholders including airline customers, global supply chain partners, the government, and the Australian defence community.
In an ASX announcement, Quickstep said it is planning to establish a renewed partnership arrangement with the company’s major Australian domestic airline customer to deliver innovative aerospace aftermarket solutions in the airlines market.
This arrangement is intended to generate annual revenues for the company following a year that did not meet expectations.
Furthermore, the Aftermarket business unit is pursuing potential new customer and partner opportunities. The unit’s leadership has also been restructured and additional funding has been invested in specialist tools, equipment, and systems.
Quickstep said the new initiatives will strongly position Aftermarket towards pursuing further opportunities for revenue growth and the medium term.
“The aviation industry in Australia is rebounding from the pandemic and the outlook for the maintenance, repair, overhaul and upgrade market is very positive,” said Mark Burgess, managing director of Quickstep.
“Onshore capability is vital to the health of a competitive and sustainable aviation industry in Australia. It is also our view that Quickstep’s capability offers defence customers a genuinely unique sovereign capability for the Indo-Pacific,” Burgess added.
